those that I know in the industry that are making some big money have fully vertically integrated companies spending 10 to 50k a month or MORE just on marketing.. 

You'll learn a lot, save alot of $ in living expenses, and also you'll be on site to manage the property as well (but still factor in 10% management into your numbers).

I would expected that rehab should be reflected in the appraisal value, but other factors such as tenant placement which are valuable to me as an investor, would not show up in the appraisal report.

If i use it to expand my rental portfolio, i can pickup at least 3-5 units.Wondering what others thoughts would be with the given factors.

They are completely preplumbed with integrated pressure-balanced mixing valves.

@Buyan Thyagarajan You do get more bang for your buck with 3br than 2br, but there are other factors. 

3) I would suggest factoring in property management since there will probably come a time when you don't want to be managing anymore.

Whether the leak and mold is the HOA's or seller's responsibility depends on a few factors and documents, most specifically the CC&R's, but the CC&R's are difficult to read and understand for most agents and non-attorneys. 

Has anyone done this before if so can you tell details on how it worked, how much your profits were, what is the risk factor, and how long did it take.

I can tell you that with the bigger pockets calculators  "other income" doesn't factor into the equation when calculating property management fees based on a percentage of monthly income, and I would imagine this would be the standard in the property management world.