Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookBy the way - here are my favorite articles on Wholesaling: 9 Reasons You Couldn't Find A Buyer For Your Wholesale Deal Don't Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper How to Start Wholesaling: Getting Past The Education and Into the FieldDownload BP’s newest book here some good due diligence in Chapter 10.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

A lot of brokers are over estimating to cover themselves.  

That is why estimating guides and books must be local because it varies so much from market to market.

If you plan on wholesaling and flipping, you'll need to know how to estimate rehab costs.

I was going to use a 30yr conventional loan with 25% down to buy this property and use as a rental, estimated rents in the area for similar homes are around $950/month, the ARV for this house if you did a full remodel are in the $130-135K range.  

from the way I understand it, the things that would worry me about the brrrr strategy given your situation are these:1) need to include closing costs on top of 20% dp, let's estimate $3500 just to be safe.2) how to make absolutely certain your remaining funds would increase the value of the $100k rental to $138k.

I spoke with a Quicken Loan lender just to get a quick estimate of what kind of price range I was looking at for my first REI (also first home purchase).

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.