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.

As long as the capital grown out of an equity creation exceeds ones living expenses, one can accumulate capital to later deploy in an "investment."  

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.

Get insurance quotes, tax estimates.

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.

Although my son is a carpenter, it takes him a while to get estimates to me as he is busy.  

The best thing you can do is reach out to other banks and get estimates from them.

Here's an example:-$230K sales price w/20% down is $184K loan amount-30 year fixed rate mortgage at 4.5% is about $950/month-Rent=$2000/month-Mortgage=$950/month-Taxes=$250/month (guessing)-Vacancy=$200/month(10%, which is about 1-month per year)-Insurance=$110/month (guessing)-Management=$200/month (10%)-Maintenance=$200/month (10%)=$90/month cash flowThese are estimates since I do not know your tax rate and insurance.

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.Download BP’s newest book here some good due diligence in Chapter 10.

They usually raise the comps and show the deal on paper using only the purchase price, estimated cost for repairs and the ARV.