Wait to accumulate more savings.

Without knowing more, estimate 50% of rent will go to expenses other than financing costs.

It uses a large database to estimate value of donated items. 

Using a blanket cost/sf is not a good way to come up with a rehab estimate/budget.

3 bed/2.5 bath 1900 sq ft home in desirable Richmond va neighborhood$525000- current value$362000- purchase price in 2009$70k- left on 15 yr mortgage at 3.25%$2400- monthly mortgage including tax and insurance$2700- estimated rent8%- estimated mgt feeProbabaly will need new ac unit in next year or two.

Your estimating rent to come in on property of $1500 a month but your mortgage payment with insurance and taxes is going to be north of $2000 a month plus other expenses. 

I went through the property once and was scheduled to go through the property for a second time with a contractor to get a Scope of Work and Repair estimate.  

Here are the numbers:142k principal balance156k accelerated balance due to past due paymentsSeller only wants 5k out of the deal, I offered 165k (redfin estimate is about 217k, for whatever that is worth)Right now my only question is, how is the best way to go about this?

If so try to get an idea of what renovations would cost.Once you get an ARV and Rehab estimate you can determine a reasonable offer.As far as the Financing goes I am a firm believer in using as little of my own cash as possible to invest.  

How to estimate homeowners insurance cost (usually just go by redfin's estimate, but I would like to use something more accurate)?