I've been trying to save up for what could potentially go wrong like cap ex things.

Is saving the fee a PM charges worth the potential thousands in cost and headaches?

(and potentially get a better deal with PM cost should we employ one).

I've never heard money/profit described as cute, so it's not important.The most important thing you mentioned, was the rent potential and ARV. 

So we don't even have an approved inspection much less a lease with this potential tenant.

Thank youBest,SathishkumarI would potentially try starting out being a cohost in that local area or work for a cohost company .

Be sure you to have offer for potential homesellers to raise their hand... like a Home Seller's Guide.Call expired and ask them how come they think their house didn't sell and listen to what they say. 

The calculation uses the following formula: Total Rent Potential x 75% ≥ PITI (plus HOA if any). 

Quote from @Basit Siddiqi: I personally would not buy real estate with a retirement account.There are just too many headaches that are not worth the potential increased return.Some headaches when it comes to investing in real estate with a retirement account1) LTV values are less and harder to find lenders.2) Potential to sell or partially distibute the property if you have to do a RMD(Required Minimum Distribution)3) If you run out of cash and have to make a major repair, you may be out of luck and have to sell.4) Having to potentially worry about UBTI(Unrelated Business Taxable Income)I would personally invest in stocks/bonds/notes with a retirement account.I buy deals with cash and use a ROTH SDIRA so there are no RMD's.I buy at huge discounts to retail.

Since this is my first project, I’m very open to any advice or suggestions—especially regarding potential obstacles I might not have considered.