So, I'm thinking that I can get this property for 57K to 60K and fit 4 people including myself in there.

I read a few books including Brandon's book "Rental Properties Investing" and on paper looks doable.

@David Wei @Fred WendlandSome local meetups worth checking out include...http://www.meetup.com/Investor-Underground/http://www.meetup.com/REALESTATEinvestormasterminds/https://www.meetup.com/texas-real-estate-Investment-Education-Training-Networking/.Also, join the Investor Underground - Austin group on Facebook.

If you want to manage it yourself, get a merchant account set up so you can take credit cards and plan on spending the $800/yr on HomeAway or VRBO to be included in searches.

This is a project that requires a city permit FYI, but if you are installing windows on a house you live in, you can pull the permit yourself.My husband and I replaced all the windows on the house we live in now - it was one of our first renovation projects.If you hire a contractor usually they will want to purchase the windows themselves, and that cost is included their quotes along with the labor cost for installation.

I have been quietly reading and absorbing information from bigger pockets for over a year ( including reading many of Brandon Turner 's books and webinars) and figured it was time to introduce myself. 

While things were taken care of, not everyone is back to where they were, including lenders.So, these folks spinning the infinite system of buy, finance, rent and repeat don't have an understanding of loan limits or loan concentrations or concentration of income with the ability to pay.

Giving my financials a quick overview, he stated that he was not sure I could get pre-approved based on my income alone that I would have to include the rental income on both properties.  

I realize that everyone is going to have different input and advice based off of their experiences, but I'm looking for assistance as to whether something I'm including is a definite NO NO, or if something should be added in for increased impact. 

Rental Agreement + Option to Purchase AgreementRental Agreement: a typical lease agreement with the total amount of rentOption to Purchase Agreement: this includes all the terms of the Lease Option such as Final Purchase Price, NROC (see below for more details), and how much of the rent will be credited back as rent credits (I typically charge above market rents and use that extra amount as rent credits).I have the Tenant-Buyer sign both of these docs and pay me the Non-Refundable Option Consideration (NROC).