(Fortunately, we've saved in a few other key areas and might come in under budget.

Conventional loans for flipping (such as HomeStyle Renovation) don't work in this area because most deals need to close in under 2 weeks.Plus, it's very possible to get hard money at rates equal to or cheaper than private money. 

Perhaps NJ and or Connecticut may be a good place to start as you can get to the city from those area in under an hour(depending on the parts) In NYC and you are competing with people who are buying deals anywhere from $350K - 1M+ in cash. 

I had it under contract mid week in under 72 hours and in that time wasn't even the highest big, just the most attractive and promoted by the agent.I have a friend that invests in Atlanta, but that starts shifting toward speculating on continued strong appreciation.

Good Morning Emily,I do not want to inundate you with too much information that it is overwhelming - but the Hilton Head Rental market is very intricate so I will try my best to give you an overview sense of it - as it comes down to many factors for each property. 

@Jay Hinrichs - Yep, seen FHA and VA appraisals come in under comps and contract price multiple times this year.

BiggerPockets has been inundated with "reviews" of Pace Morby and his SubTo community.

I basically looked for brick, decent roof, renovations that put me all in under 35k.

That $13k will be paid off in under a year.

Homes are being sold above asking in under a day after being listed.