A good first step is to make a budget and prioritize what you would like to improve.

Negotiating these conditions taught me the importance of having a MOTIVATED SELLER.At this point I knew the closing was imminent and I had to finalize my rehab budget to make sure this deal would make sense.

Get rid of debt, build a budget, and save.

East tn in general has lots to offer investors, Great tax climate, job growth, balanced budget state.

I need to learn what area I should be in and need to talk to someone about financing options to establish my budget.

I will draw a distinction here that there is the topic of having an emergency fund for your business(each rental property is it's own microbusiness) and a separate emergency fund for your personal budget.

That's a nice spread but with an estimated budget of $75-80K (high end) you don't get much return. $275K ARV -150 purchase -80 rehab = $45K.

Be diligent with estimating extent of rehab and budgeting rehab costs.

Is it actually costing $150 out of your pocket or is that an unrealized/assumed loss due to capex and vacancy budgeting? 

Total rehab budget: $30,000Estimated Sales Price: $315,000Estimated profit after expenses and holding costs: $30,000 What made you interested in investing in this type of deal?