FHA guidelines might allow for your situation, if your a non commissioned W2 employee, self employment or commission in income requires an earnings period to average over.

I have exact product descriptions on other items like flooring.

Fun fact, they probably profit until X-5.This model is literally used in every industry and works almost every time to have someone buy a product/service and be happy about it. 

Or use zillow or rent-o-meter to give you average rents in the area.

On an average repair 2000/year.

On an average repair 2000/year.

Not a lot of product in immediate area.purchase price $820,000renovation costs post purchase: around 350kTotal Monthly Rent: $7,000 (after renovation/ pro forma)Annual Rent: 84,000Vacancy: 5%Total annual Expenses: 25,000Annual Debt service: around 50kcash down: 500kall in costs: 1.2mANALYSIS:My analysis is that I spend money and my time to achieve a 5 cap.

If you do not own any property you can get a quote on Home Possible from your lender. 5% down payment is allowed under this product. 

I have a fulltime job in which I spend on average 10 hours in the office and want to invest in out out state turnkey properties and part of me want to understand the game closer by saving a little more and investing in a fix and flip locally here in Southern California.

My most likely route will be to go with a narrower engineered type product, in a medium/dark stain, and then have it matched when the floor guy refinishes the rest of the house.