That will consume a fair amount of cash.

Consumer lenders generally do not use potential rent because there is no assurance you will get that rent or even when you will get it.  

They know the asset class well, they deal with both lots and POHs (of course, they prefer fewer POHs).

Typically sellers prefer those type of buyers over FHA due to fewer hurdles to jump through (ie. appraisal).

The Real Estate Act was put in place to protect the consumer from Realtors so it is strict.

NOTE:  You are not required to use the rental income to qualify but if you use any rental income you must use all rental income for that property.6,393.33/month x .39 = 2,493.40 max PITI payment6,393.33/month x .446 = 2,851.42 max PITI payment2,493.40    2,851.42  max payment-150.00      -150.00  est monthly insurance-710.75      -710.75 property taxes 1,632.65      1,990.67 maximum available for debt serviceMax price estimatates39% Housing payment 1,632.65 / 5 = $ 326,53044.6% Housing payment 1,990.67 / 5 = $398,134**The rule of thumb you should know for debt service is that every $1000 costs about $5/month (this is approximate but does include MI if the rate is low enough, your actual may vary slightly and could be as much as $5.5/month)FHA Mortgage Insurance - The Big Scary MonsterMani, you are not alone most consumers are afraid of FHA mortgage insurance but they shouldn't be afraid at all. 

I make decent money but like any small business it consumes my life.

Even the successful flips will encounter negative feedback since you will be accused of using your superior knowledge for personal gain at the expense of the consumer/seller.  

In regards to a 203(k) loan I heard they can be quite cumbersome, and time consuming.

Another book I would add to the list is the 4-hour workweek by Tim Faris, it's more about business and is a down and dirty guide on how to implement systems, and how your life will be consumed by your business if you.Again, welcome!