I'm crunching the numbers now and can comment later on what they end up being, my worry is just that is was a good house, but not profitable enough as a rental and the equity could be put other places.

The next investor has his own GC crunched his numbers and ending up passing on the same deal for his remodel costs were $70k+ exceeding the ARV.  

For the major items we are estimating about $8,000-10,000 so I would am penciling in $10,000-15,000 for rehab cost.From the comps in the area we believe the ARV will be between $180,000 and $200,000 and the initial thought was we could pick the property up for about $100,000 but after the current owner crunched his break even numbers it looks like we will need to come in at $118,500 to make this deal happen.

It will take some number crunching to see  if that's a benefit to you.

I agree, while I was crunching the numbers I quickly realized the deal would be thin;  if able to made at all.

I have not done my first deal, but I am always looking at properties and crunching numbers.

So here is my process. 1- Open Zillow/ redfin or whatever, and type in a price range, 2 - Scan the states (sunbelt only for me) that have findings and pick the Citys that have properties meeting my criteria. 3- Check out the city on citydata.com (population trends, where they are at with state / Fed averages, etc... )4- If I like city-data then I will search and open the city's CFAR (Comprehensive Financial annual report) and see how they are doing with debt, reinvesting in the city, upcoming projects.. yada yada. 5- Once I got my city I will call 4-5 realtors and interview them (looking for ones that know how to "lift a skirt" of a home when looking at it, and can send video or photos)6- Call 3-4 PM companies and interview them, talk a bit about the market (rents/areas) and get some free info while interviewing them. it can be a lot of pre-work just to decide to dig in but I think it is worth it. 7- Remind myself to not overanalyze and stay away from Analysis paralysis.That's it that is my process... just interested in what anyone else's is, I feel I am too haphazard, I don't really crunch numbers, i just make sure the rent can cash flow (500 or more, pending funding terms) 

I'm wanting to crunch numbers and start long distance investing! 

Remember, if you can't rent it, or if you can't get the amount of rent you're using when you crunch the numbers (most tend to overestimate what they can get in rent starting out, I know I did) then it may not be worth it.

I am majoring in finance and am hoping to become experienced in using this background to find the best deals and crunch the numbers on my investments and returns.