I have to budget for other expenses (repairs, maintenance, etc.) out of pocket.We are coming from Seattle which is a more expensive market and we have the cash to be able to do this, but I hear your pain - when you are starting out, that might not be a good idea.  

Most hard money lenders are going to require 10 -20% down payment and then require you fund bring 10 - 20% of the rehab budget depending on your experience flipping (in your name/LLC you own), property ARV, etc.

I can tell you this , a rehab will take longer than you plan , and it will be over budget .

This is the entry point I’d recommend with high CoC returns and includes your downpayment (20-25% down), closing costs and the furnishing/design budget.  

Reasobable terms are relative, but that's a pretty serious budget for a property valued at $55K.

Most residential real estate developers have a certain operating expense margin they are budgeting for in order to make sure they are hitting their return requirements.

With a $35,000 renovation budget, we transformed the home, significantly enhancing its appeal and market value.

No doubt there will be expenses over time and you'll want to budget for that, but thank you for sharing your experience and congratulations.

Just depends on your buy [box] and budget.

If multiple travel nurses are telling you that the price you want is outside their budget, then the MTR market may not be the right place for you.