I would like to know how/at what point investors are able to “quit their jobs” and become full time teal estate investors? 

@Chris WilliamsGenerally speaking many investors will want to see that you're specializing in one area of real estate... they'll want you to show evidence of experience/a track record, with dollar amounts.... they'll want a timetable for when they'll be seeing returns and when they'll be getting their original investment money back.

Now I estimated $100k in repair and remodeling costs but I didn't include the wise cushion of 10% most investors use as a cushion for unexpected problems that arise, and there could be unexpected problems that show up or problems getting the work done at the estimates given and the timetable given by the contractors.

Since he needs to get some bids on a certain time table.....he may be listing it on the mls.

I'm still learning the "do's and dont's" of the process and have given myself a 3-month timetable (or less) for buying.

I AM interested in the math, but I'm interested in the math as it pertains to the differences between the two approaches, not the strict, regimented, all debts must be paid on the same time table, let's ignore any real world differences math. 

Additionally, if the prospective tenant insists on applying knowing that the building is not approved, let them know an estimated timetable of how long the inspection/repair/re-inspection process will take and that there is no guarantee - it may take longer.

Thanks Sue he has been a multi year tenant I think I move him to month to month he may just immediately start looking and I will loose control of working on my time table but it could be an option to consider.

Also, with that same idea in mind, once the property is under contract simply put a lockbox on the house to allow for investor showings (with POF, of course :-)) or set-up a time table with the Seller.

If I am not getting up to a job site to check on the reno work, the time table for the fix and flip gets blown up.