OPDon’t know your background but you could buy a fed hog off a farm and butcher yourself.  

I'd feel comfortable investing ~$50k to start off.

Are they easy to take off?

Sure don't do the renovation, rent it for 200/m less, and maybe that 30k investment won't pay off until year 10, but you're still investing back into your property, improving it and adding value.

It’s good to budget for unforeseen expenses.Regarding PMI, it’s worth discussing directly with your loan servicer since many lenders require holding the property for a period or reaching specific equity thresholds before removal.If market rents are $2,200–$2,500, hiring a property manager could help you optimize rent while taking the burden of tenant screening off your plate.

If it is only one flip for now, I suggest you find a CPA just to advise you on State filing requirements, ensure you are claiming all write-offs and issuing 1099s, etc.

Start off by completing your profile.

I'll say 1000 times, I'm so glad I listened to BP for years before doing this, or the stupid hangups would have me jumping off a cliff.

If you ever have questions or are looking to bounce ideas off another local investor let me know. 

Earthquake fault zones, flood plains, and high fire hazard areas are off-limits.