If so where would I start if I have no experience in estimating renovation cost and no connections with contractors?

I use 0.6% of replacement value for my annual premium estimates on SFHs and it hasn't burned me yet.  

Will most likely use an FHA 203(k) LoanWill target a home that's in need of repair in an ideal neighborhood -- between $80-110K purchase price with an estimated $20-50K in rehabI'd like it to be a 3 bed 2 bath or a 4 bed 2 bathI'll rent to friends during the process to at least break even on mortgage plus expenses (and live free)I'll sell with some forced appreciation after 12-18 months -- ideally at least $20K in profit

Please do not reply with mean-spirited comments or comments to try to knock me down, like so many comments seem to be on here.The basics are...ARV approx $200k, repairs estimated at $25k, and I want to pick up the property at around $120k. 

Read J Scott's The Book on Estimating Rehab Costs.  

If you don't know what the rate would be you need to make some calls and get estimates, then run the numbers in a pro forma to see how much the $1,500 will cover and if you have to pay any out of pocket.By the way - I don't invest based on sentiments.  

However, If that number is off by a few hundred a month, the single family residence goes from 15% CoC return to nearly 10-- and 12 is my cutoff.1- in your experience, how good are those estimator service numbers?

This is my first time trying to analyze an actual property so here are my numbers.Purchase price:60kCash to close: ~3k(Im not totally sure how much I will have to bring to this deal as of yet.. so here's just an estimate)Income;Monthly rent: $775Monthly Expenses;Mortgage: ~$300Property Tax:$95Insurance:$75Property Management: $75Vacancy(10%): $75Repairs(5%): $40Total Expenses:$660Cash flow :$115Cash on Cash Return : 21%Am I missing anything?

You also need a really good rehab estimate.

I might add that it is also in an area that i was not familiar with so I probably over estimated the ARV and over improved even if the market hadn't shifted.