That said, let's dive into your question. 

Rehab costs and while it is a great book for a novice such as myself, I would like to gain some experience putting these methods into practice before diving in on a rehab in the future armed with only book knowledge.      

Long answer - Yes, as long as you don't dive in without doing a lot of research and communicating heavily with whoever you're planning on investing with!

@Anand George, without doing a deep dive I'd say you've constructed a good working model. 

I would like to say thanks to all the people who reached out with support, and I look forward to diving deep into BP.

I will give it a deeper look today

I will continue to educate myself before I dive into an auction.

In today's market, you have to dig deeper and be more creative in creating value so you can pay a seemingly "stupid" price for an asset but increase the value of the asset so that people will realize you're not that "stupid" :)

It's easy to get into and out of and is a "baby step" before diving head first into multi family.

I only spot checked with a couple since this isn't "my" deal, maybe someone digging a little deeper would find something that works.I don't do a huge amount of 15YF (bay area mortgage amounts, good luck qualifying :P ).