$600 per month total cash flow sounds great.  

Sorry for all the total newbie questions, but I need to start planning now.

My aim is to have conventional, 30 years fix loan.I would like to purchase the property for cash $55k and then spend about 30k in rehab. total cost $85kthe ARV should be around $135k-$150k. 

Google John M Hyre III in Ohio, he is an accountant, real estate attorney, and an investor himself, so totally gets it. 

Thank you for your insight @Carolyn Morales @jayhelms @ChrisGrenzigFor starters, the proerpty(s) that I've been looking at do not meet the 2% rule - total rents are $2k per month and the purchase price is roughly $150k.

Have to get a better grip on the tax laws and totally understand the PR home flipping system.

My guess would be it's a error and they forgot to update it to the new total (at 100 more).

It is not like we went in totally blind, we had a good idea of what the cost would be based on previous projects we had done with him.

But it's a totally different game with this one. 

@Joseph Rath keep saving and once you are ready to pull the trigger then you can absolutely house hack a duplex with FHA financing and sellers assistance to help with closing costs and get into a duplex under 200k for $12,000 or less total investment