(60% of 1.189M is $713k and you already have a loan for $574K so if you subtract $574k from $713k then that leaves you of $139k of available equity before you hit 60% LTV.) 

Take the call rate and subtract the loan constant.

Start with how much you can sell it for, after the renovations ($110), then subtract the cost of the renovations (sounds like ~$20K) subtract 5-7% of that for closing costs, assuming no RE agent, THEN, subtract the profit you want to make on the flip....

Builders risk policies also can value losses at replacement cost while vacant policies subtract depreciation.

Subtract your basis (the cost to acquire) from the price received when selling and that is your gain.

So however much income you earn, subtract certain deductions to get to your AGI, then look at what your marginal tax bracket it.

Use the existing rents for evaluation - - they're real and all your marketing may not yield improvements.If there's known vacancy issues, then adjust the the GSI (sum off all rents * 12 months) and subtract the loss rents from vacancies (number of units vacant * average rents * number of months their empty) . 

I did not take into account prior landlord experience and we don't count the equity they have.What I do though is figure out how much income would be required with the following assumptions:We use 75% of gross rent from each propertyWe subtract the full mortgage principle and interest payment for each propertyWe subtract the full monthly HOA for each propertyWe subtract the monthly utilities they are paying on each rental property (often this is zero since tenant pays in most cases)We subtract monthly property taxes for each propertyWe subtract monthly insurance for each propertyThen, we divide by .45 for debt to income to find out how much income they'd either need to offset and "carry" this negative cash flowing rental or how much income this property contributes and therefore how much less income they need to earn.Does that seem right to you?

Then, subtract out your mortgage.

FYI, I start with gross income,  then subtract vacancy and collection loss to get to effective gross.