$800K too much, even without looking at the expenses...BUT...min required expenses and variables to accurately answer your question 1. property taxes at pro forma 2. utilities cost and type that are owner paid 3. type and age of mechanical systems(galvanize or copper plumbing, electric, gas or oil heated, type of constuction,etc) basically what are the possible capital expenditures your could anticipate 4. insurance cost 5. interest rate for your loan that is 80/20LTV ...unless your conservative upside on rents is more than 50% it's a solid NO with out getting all the above variables to give yourself an accurate idea of how this seemingly lean deal would pencil out....and i'm no where near the experience level of other posters here 

Let's see what variables we are working with:Purchase price: 6,000,000Repairs: 600,000Down Payment (Lets assume 65% Leverage)DD and Closing (Lets assume 4%)It works out like this:(Purchase Price * Leverage) + Repairs + (Purchase price * DD and Closing Costs)(6,000,000 * 35%) + 600,000 + (6,000,000 * 4%)Looking at a 3 million dollar raise to estimate conservatively.

My question is analyzing expenses that are variable on Occupancy. 

Yes, we all do an NPV but the variables are different in each area (As you pointed out).

I know a lot of these are variable and really depend on what changes I make and how much time I live in it before I rent out.Not sure if this give you an idea: my property appraised for 25k more than what it’s listed for and the roof is at its end of its life ( sellers are replacing it) and needs some updates kitchen/ bathroom/ etc. 

And landscaping and outdoor space isn't a variable as far as an appraisal as it's a very subjective matter.

@Kristine Hernandez This is one loaded question because there are so many variable.

If you book with Chase's system you get a 50% bonus I think.I usually go on 1cent per point in figuring my breakeven points...Sorry, not very specific, but there are lots of variables. 

Given those variables, you should wait until you have enough reserves to make sure you can go into this deal confidently and not strapped to the last penny.

Start making your own, as these have probably gotten stale.TrustcoUS BankTD BankPenFedUnion Bank, specializes in noo HELOCArvest BankEast West Bank offers HELOC on non-owner occupied investment properties up to 60% LTV with "no docs".Utah: Americafirst 80% LTV on noo 65% LTV 15 year 5.74%First Florida Credit Union (Jacksonville area)1.99% for 12 months, 5.25% variable 80% CLTV 20 yr w 10 yr drawHurst Lending and Insurance Investment property HELOC in Texas