It sounds like your question is what is the conventional guideline on using these rents to qualify ?

Hi James, this does sound like a lot for a first time flip. 

Sounds like you're on the right track for areas to find deals.

The dish washer sounded like it was at or near the end of its life anyway.

Quote from @Matthew Samson: @Corby Goade yep, that sounds like a plan.

I imagine it can be tricky without face-to-face interaction, but it sounds like you’ve got a solid approach.Honestly, I don't have a process for establishing trust with sellers other than being polite and professional.

Hi Tio, I don't think hiring a professional designer is wise as it will cut into your margins and sounds like you have a tight budget. 

I don't think you will find it, but if you do, it'll cost ya.It sounds like an amazing house hack if you can move your life around to make it your primary (and the financing will get MUCH easier).

So many variables can turn a deal sideways from 1 hour to the next - i.e. inspection findings, title issues, contracts, financing issues, taxes, dept. of buildings/local municipalities, etc.I'm glad to hear you made it through the challenges, and it sounds like you'll be able to leverage this experience as you grow your portfolio.All the best to you along your journey!

You state the numerator is “units in the area” but that sounds like existing units, which is what’s calculated in Step 2.