One of the biggest risks I observe with flips and first time investors are instances where the project goes over budget or gets stuck in mud, can't sell and even worse the borrower doesn't have the credit profile to refinance out to a lower interest lending source if borrower is required to hold the property as a rental. 

If borrower has a $100K rehab budget but the lender has $50K draw minimums, borrower will require more cash to advance project than a loan that has lower or no minimum draw releases. 

Everything seems to work as is for the time being, but I'm budgeting for the roof and furnace replacement in the near future. 

Due diligence is key before you sign on the dotted lineBuild a network of a great property manager, lender and maintenance teamDepending on your budget, I usually would start with at least a duplex, triplex or quad.

Budgeted for $25,000.  

My other recommendation is once you decide in a budget and a couple criteria get a really good realtor.

I don't know what your budget looks like but this city is really inconsistent or "street by street."

If you didn't budget your rehab correctly, and don't have access to more money, you will be stuck (this is also true if you buy with cash without any excess money).  

As I am considering my offer, I am trying to understand how much to budget for attorney, title/closing costs etc? 

Well, there is this pesky obstacle called budget.