If its a light rehab you can expect $1000 per unit but it sounds like this is more substantial than that.  

After that i figure I can do whatever I want, invest it or light it on fire.

Word of warning, it's a tough project when you are living in the house, ask me how I know!

Lou,My numbers are below, and come with the following disclaimers:Ignore returns % (They aren't programmed correctly)30 yr am and 5% (might be long & light)I forced 15% of and on my investment as a return (I usually do 10% each)8% Management (I dropped this from my usual 10%)7% Vacancy (I dropped this from my usual 10%)7% Reserves (I dropped this from my usual 10%)The Management, Vacancy and Reserves are ON TOP of the seller's numbers, which include those items in their expenses.With my model, I look for positive cash flow after it's all said and done... and this property does that, albeit at slightly lower Return/M/V/R than I like... but it looks like it could be a winner if the numbers hold.

( I am looking at Carnegie, Greetree, SchotTownship etc)3)Any tips, warnings that I need to keep in mind as a newbie in this field.

Inspection was completed 6/29, seller made a few repairs, I did an inspection of the repairs and we closed 8/8/16.After closing, I did some plumbing work that the inspection turned up, and repaired a kitchen light.

Can anybody share a little light on this?

Tub, Mirror, Light Fixture, Toilet, etc. where also all purchased at Home Depot.

At the minimum, send the final bill to collections to warn other potential landlords about him. 

Main corridors along the light rail are seeing improvement.