Purchase price 147KListed for 299K, sold for 285 (went under contract for 290 but dropped it another 5K at buyer request after the appraisal just to get out of the deal)Home Depot credit card: 10K (appliances, fixtures and other things we picked out and purchased ourselves rather than having GC use typical builder grade stuff, also husband did some of the work himself so bought his own materials)Brought 40K of our own cash to the closing table, loan total when paid back was 185 (original loan 175 plus 10K in accrued interest, 12 month balloon loan so we did not have to make payments during the rehab, which helped a lot with cash flow, also loan had rehab costs folded in so for the most part we paid our guys out of the loan and not our own pockets)So (numbers are round): 285 sale price - 185 (loan payback) - 40 (cash we brought to closing) - 10 (Home Depot card) - 10 (closing costs) = 40K profitWork done: insulation and vinyl siding (this ate 18K of rehab budget but was unavoidable as cedar shakes were disintegrating), converted to natural gas heat (ducts already in place, changed out electric hot air blower to gas one and gas company ran the gas from the street for free), replaced AC compressor, new water heater, two new bathrooms, replacement windows, new appliances but left the wood cabinets b/c they were in perfect condition and I could not justify painting/replacing them, new kitchen backsplash, removed wall between kitchen and dining room, wood laminate flooring throughout except for new carpet in downstairs den, painted the deck/railings, new garage doors, one new slider, all solid wood interior panel doors, of course fresh paint and new light fixtures throughout.dining roomThere was moisture damage downstairs from bank not winterizing and pipes bursting...thanks, bank.Hauled out enormous old woodstove and broke up ugly old hearth and left good flue for someone to add new pellet or woodstove to if they want to, we figured not everyone wants a woodstove and this way the buyer can decide to add one back if desiredBathroom off downstairs den, chose a walk in shower for variety, hosing off dog or muddy children, disabled access, etc. 

New Jersey also requires anything 3 units or more to have a multiple dwelling certificate, aka "Green Card"  

I spray kilzed the entire inside of garage,, the roof joists, studs, and anything I could see.The garage floor was the biggest challenge.. cement,, crystallized cat pee in layers.. no joke, I first tried a garden hoe to scrape it off,, nope,, then a 4" razor blade long handled tool for removing vinyl tile or popcorn ceilings and that got most of it up.. 

I make most of my cards with my inkjet but they don't look as nice.

Look into credit building loans at your local credit union or try a secured credit card.

However I don't have the funds for 20% down, so I'm planning to use a 0% credit card offer for $60K to cover it - the repayment terms for the $60k will make payments $900/month for my down payment; and after my note payment ($1744) and then 50% expenses, I'm left with only $100/mo cash flow - a combination of borrowing almost the entire purchase as well as a 20 year note.

Well from the pics i wouldnt call it a whole gut job  or at least my definition of a gut job most of it has sheetrock already  patch it up scrape off old texture and re texture whole house.

He threatened to fax over papers to my boss (the owner of the company I work for) and he also told me that if I did not set up payment by direct withdrawal, credit card or prepaid card within the next few days that a man would be coming to my office to serve my boss some papers.

Since frequency is important over time (until the property sells or the deal is done), does everyone send the exact same letter/post card month after month?

Pay off the credit cards and the other loan and get a HELOC on the second.