I am trying to flip a HomePath house where the renovation cost is included in the initial loan.House info: 2 bed, 1 Bath, 800 sqft - Light renovation needed (floors, paint, clean up, maybe move a wall, some appliances)House Cost - $43KRenovation Cost ~ $15K (Max I can borrow for renovation)Down Payment ~ $11KTotal loan ~ $47KLooking to sell within 30 days of holding the property for around $75K (that is what the comps are going for)Looking at a $12K to $18K profit {75K - (47K+11K) = 17K}I don't have the exact loan details yet nor the exact renovation cost.

@Joel Owens Yes, 600,000 would be my max.  I

I just talked to 5 lenders last week, they said max is 50% ltv, must have building intentions / plans for them to loan.

Although 70% of 325K would have been 227.5K, the max I got out was 100% of the original price - i..e. 175K.If you want to tap into more equity then you'll need to wait (usually 6-12mo) and re-finance from scratch.  

Max,I received my Master's in Real Estate from the University of Denver.  

I'll end up starting low on the offer...probably $160K and $180K was the absolute max I would go.  

Rents are approx. 700-800/month for each unit.70,000 purchase price14,000 down payment (20%)56,000 loan (30 years at 4.5%) - 280/month10,000 repairs (I am estimating this as the max I would spend on repairs for the roof)4,000 closing costs1,450 yearly taxes1,000 yearly insurance24,000 total cash investment1,400/month rental income (700- per apartment)485/month (mortage, insurance, taxes)915/month cash flow12% COC ReturnIdeally I would like to live in one unit with my roommate and rent the other unit out.

I plan on starting slowly, so I was considering funding the max I can this year and next into a Solo 401K.  

A couple of our properties needed to drop rent a touch during unfortunate turnovers (you know times are bad when the priest renting one of our our 3br homes had to confess that donations to his church had dropped so much that he needed to move his family into a 1br).

In terms of principal and interest payment I would be shooting for 1100/month as my max.  I