Erasing any potential savings we had, and a lot more headaches. 

That would leave you with NOI of $38k and a cap rate of 9.05%.

I like that thought, and yes, I stand to loose a profit if I don't do this and yes, the flip should work fine and a plan B is in place as well.

The information available is amazing, but also very overwhelming and I am not sure where to start.I'm currently in some credit card and student loan debt and looking for advice on whether it's smarter to get more in debt to be able to start with flipping/house hacking sooner, or to continue to read for the year and a half to two years or more it will take me to get rid of my debt and save enough for a down payment.  

The word on the street is that it is very costly and a burden most renters cannot afford.

The property was a 2BR/1,1/2 bath for the main and second floor as a single unit and a basement unit that was a 1BR/1Bath.

Since our climate is dry, I have seen folks do a lot less and as long as it stays dry then no problems.

I know, I know that seems like allot to ask for but I find myself after hard work and a little bit of luck I am at a place in my life where I can say I have accomplished that.

There is scope in cities like Ann Arbor for this type of project, but you definitely need deep pockets and a long timeline.

Your drive is what, half hour no traffic, an hour or hour and a half with traffic?