I see far too many people spending all there time chasing property that they cannot buy because of lack of funds. spend that time making money first and then go after real estate. 

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

I looked through some of your other posts and notice you spend a lot of time criticizing businesses. 

You're at the net worth level now where detailed investment and tax analysis can have large impacts to your overall ability to retire and spend. 

Essentially it comes down to how much time and effort you're willing to spend building the model.

(you’re going to spend too much on these and it’s risky.)b.  

Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.

I'd spend the money on vinyl.

Quote from @Jaycee Greene: A few things I noticed, in addition to having the tenant pay the utilities are:1) Incorporate annual increases in rent higher than 2% (in your area, maybe 4%-5%) with a slightly smaller increase in operating expenses (say 2%-3%)2) With a gut rehab, I'm not sure why you need to spend $128/month on cap ex, at least for the first year or 2.3a) An 80% cash out refi is probably going to be hard to get.

Just remember you are spending time and money to improve a space that isn't yours and you're not able to take the improvements when you leave, ownership should have some skin in the game especially in a new build.