There has to be more to it than that.I apologize for the total newbie question; I have no intuition when it comes to this kind of thing.Also, if anyone in the Grand Rapids, MI area has any recommendations for an architect or a GC, I’d really appreciate it.

I'll share a bit of information about them too because I think there is real value for readers in seeing the totality of my situation with real estate investing.

I forgot to add that the potential rents total $2400+ with a chance to increase them especially since the property is tenant-free at the moment.

So no, I was totally unprepared for the hate.

In a perfect world, sure, it's not a total loss or a terrible deal to get the properties in your scenario.

Best bet is to just use hard money unless you can stay put for 6 months.

Total current expenses around 3200 a month.

That insulates me in a different way.9) You have to figure out your net worth to see what sort of umbrella insurance you should have on yourself as if something major happens and you have a decent net worth, you can bet your bottom dollar they are coming after you personally.   

@Jason DiClementeMakes sense, I was totally uncomfortable with the $410-HOAHearing you say it like that makes the world of a difference, don’t purchase something to throw money at it to make it affordable.

The key here is not necessarily the numbers more about the tactic and if it’s LEGAL and POSSIBLE To DO it like this or if any one has tried anything similar to this: Property purchase price: 80,000Estimated Rehab cost : 45,000Property ARV: 175,000Hard money Loan used for : DOWN PAYMENT & FIXED COST.Down Payment: 16,000FIXED COST : 18,000 35,000 ( added an extra grand ) HML 35,000 @ 15% interest with 6 points Total: 46,250LOC used for REHAB : 45,000 @ 3 % interest.Total 47,000HML + LOC = 93,250Remaining Balance On House : 64,000 @jasonDiClementeHML + LOC + RBOH= 157,250House sells for 175,000 SP - HML-LOC-RBOH = 17,750 profit - tax about 11,000 grand ... not really a big number but like I said it’s all hypothetical.