BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

If either you or the investors are not highly experienced, this system is very very difficult to slow the first couple flips profitable. 

Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

Can you dig into a little more on the novation, why did the seller pick that strategy say over a cash offer?

We make sure to do the work to a high degree.

Some people will say, "Take out a quality Insurance Policy and you will be protected."

These are good indicators of quality tenants.You can also adjust how much deposit you take as well.

Here is a list of lenders offering such financing: https://www.biggerpockets.com/member-blogs/2810/50272-list-o...

But, I don’t think that should be a very high bar for you especially if you are already studying and researching this at 18 years old and you don’t plan to buy anything until 2-3 years from now at the earliest.

Well-maintained homes: Homeowners tend to spend more time and money maintaining their homes, which contributes to the overall quality of the neighborhood.