I recently went to the Formula 1 race near Austin and spent a good amount of time.

This formula tells you the maximum price you can purchase a particular property for, and still be able to sell it for a profit—the Maximum Allowable Offer (MAO).

My first 9 properties in Vegas (I since sold 2 of them) started off along the same formula/numbers as the ones you describe (I purchased them around $70-$100K and they rent(ed) for $950-$1,250), so I feel I've done alright setting up my cash flow with them.

Sometimes you have to step away from the spreadsheet formulas and think about the bigger picture.

Since you've gotten a number of other properties under contract, I'd say that either your comps are wrong, your estimates for the repair of the property is wrong, your formula for what you can get the property under contract to you is wrong, or your selling formula is wrong.  

He KNOWS that being declared as a rental NOW will kill his cash flow - and that's even ignoring the soon-to-be-needed cap ex items.Just use the normal flipping formula: MAO = "ARV x 70% minus repairs/costs", and ONLY if it will still cash flow despite its high taxes, even at (your) 75% leverage.Is that enough formulas for you to now come back to US with your answer?

Pat - it is possible to do deals without money - but you need to understand some formulas - I have been in Baltimore for now for 74 years, investing here for 48 years.

Still a little confused, however, I'll leverage this formula. 

There's a formula for everything. 

You're looking for a simple formula that doesn't require a lot of work and is foolproof.