How do I evaluate the property for repairs, when would I contact a hard money lender, how much time should I estimate for the rehab?

After estimating maintenance expenses, If I purchase the single family, condo, or co-op It'll take me 8-9 months to save another 10k, which then can be used for the next property.

Using the estimated 50% rule, I will profit $250 a month.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Get insurance quotes, tax estimates.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Although my son is a carpenter, it takes him a while to get estimates to me as he is busy.  

The best thing you can do is reach out to other banks and get estimates from them.

Here's an example:-$230K sales price w/20% down is $184K loan amount-30 year fixed rate mortgage at 4.5% is about $950/month-Rent=$2000/month-Mortgage=$950/month-Taxes=$250/month (guessing)-Vacancy=$200/month(10%, which is about 1-month per year)-Insurance=$110/month (guessing)-Management=$200/month (10%)-Maintenance=$200/month (10%)=$90/month cash flowThese are estimates since I do not know your tax rate and insurance.