4)  Other landlords/property management companies in my local market charge application fees so it doesn't hurt my chances of getting a tenant if I charge one (if no one in my local market charged an application fee than I would probably reconsider charging one as I'm sure it would result in less applicants applying). 

Closing costs for the replacement property are $4,000.Please provide me with your ballpark estimate of the taxable portion of the capital gain.Thanks.

I should clarify that I am all for second chances.

Also, thanks for the advice, do you personally know anybody by any chance?

I know, it has to cash flow, but curious if anyone has any insight into:* How to estimate insurance costs (flood, windstorm, and standard)* How to best verify a property condition (considering the location)* How to know good areas (some homes have been abandoned for years next to new builds, quality can be street by street)* General tips or recommendations for what to look for, or look out for

After walking around with my repair estimator to give me a rough estimate of costs, I came up with $55K for the rehab.

After walking around with my repair estimator to give me a rough estimate of costs, I came up with $55K for the rehab.

How to estimate rent (rentometer and RE agent?).

They're a good place to start, but I would never rely on their estimates.

As a SFH expenses will definatly be in the 50% range so keep that in mind.As a rough estimate calculate your debt repayment based on the property being 100% financed at it's full appraised value.