All in all I'm a bit lost in all of this and hoping to at least break even with my current property while keeping the mortgage low on my next property.

Just taxes will be 20k.I would run numbers like this:Property 1.5 million (minimum)Construction (Cheap end) 2.14 mHolding Costs (at least 150k)In my book, even according to your calculation, that means you put in at least (those numbers are on the low end): 3.8m! 

I have seen this range from as low as $100 up to $300.Do I need to pay anything before sitting at the closing table?

Most of the time, the home warranty takes a long time to approve your repair, reach the property, and then they use low-quality materials.

With a purchase price of $250k, your rent is WAY too low!

Inventory is low and sellers won't budge.

Last August a decent pre-foreclosure opportunity came available on the MLS and my agent took us to see the home and submitted two offers below asking that were too low for the seller at the time.Apparently the seller was able to avoid foreclosure and the home delisted after it didn’t sale.

@Bonnie Low this is great info and exactly what I was looking for.

Coffered ceilings, low corner additions etc.Anyone can slap lipstick on a pig, looking for high value add in high demand markets is where the $ is.

@Chris Wagner- That's just too low an amount to make the claim worth it.