Let's say a rehab on a rental will cost $6k if you hire it out, and take less than 30 days, or will cost $2k if you do it yourself and takes 3 months.

Theoretically, lenders use the discount rate to determine interest rates; for example purposes, and a rule of thumb, I've used the Prime Rate.A seller carrying back a 2nd TD will want to adjust the interest rate charged higher than say a 1st TD to account for the increased risk in lending to a buyer.That interest rate increase above a 1st TD rate will in itself be anywhere from 2 - 5% higher. 

I just wanted to say as a new investor that plans to manage his own properties in NC, this was a very helpful discussion!

Lets say, you got a 30k to 40k cash buying power wanting to buy and hold something decent in lets say a B class neighborhood.How do you feel about buying and renting out a 1 bed / 1bath condo or a 2 bed/ 1 bath condo? 

I understand your post and because it is 4am and I am only awake for a brief moment; I'll say a portion of your money could go to giving back via donation in a cause you believe in as it seems you've been doing well for yourself.When I wake back up for the day, I'll return to give a more business minded answer.

I would say a more reasonable ARV would have been $150-$155K.

Not for any specific reason, just because I have noticed different sites can have different advantages.Anyways, when I pull up a foreclosed property on zillow it will say a brief history of the owner being in default, notice being given, then the bank taking possesion of the property.When the bank takes possession, it will say something like:12/30/15 - The lender, XYZ BANK, assumed this property for $90,100 during foreclosure proceedings and now owns it.#1 - Now does that mean the bank is "out of pocket" $90,100 and/or that is what the previous owner had left on their mortgage?

. - I'd say as much as possible use OPM (other people's money).  

One tells me a need 6 mounts reserves for my current house and rental and the next Lenders does say a thing about it till I call back to ask.

I'd say a good SOW and line item prices is worth $300.