That asks for trouble.I will just play things by ear as we go along.

If I can't stack the deck in my favor in this way, then I don't play the game.

Yet at the same time, the little guy needs about every penny he has just to play the game.

You need to realize, life is about how you play the cards you're dealt.. and you have to get creative!   

Which is another lesson he teaches in his book and game.I'd advise that you read the book, and play the game. 

Subcontractors are a lot more difficult to manage, and you are going to have to play the project manager role in your project.Hiring a general contractor comes with its headaches as well, but their job is to coordinate from start to finish.

In Staten Island that would probably be closer to 100k needed.There's many, many markets between western PA and the Colorado rockies where investors can play the game at beginner Capital requirements. 

At the same time, many people weighing in mentioning “don’t play the super leveraged game” contradict countless articles on here that talk about doing your math, leveraging the value of your primary residence through a HELOC (OPM) to purchase another home and tout a “just get in the game somehow” mentality.  

Too many of them (flippers/rehabbers) know how to cut every damn corner plus play the local red tape to boot.

This will be market dependent of course but I know in Phoenix no one is buying at that margin, it's closer to 85%-90% even (For a standard remodel, not addition play)The best thing you can do is look up recent cash sales to investors in your area, see what they paid for the house, do your best to estimate the rehab from the pictures and/or driving by the house, and then comp the house to determine the ARV.