Now if you do it long enough, that will happen, but you want to avoid that by having enough spread to cover the downside risks.As J stated, a 15% of ARV profit is a good minimum to go off of and anything above that will be your gravy.

The roof in that area covers the room, and the back balcony/porch, and it is approximately 400 sq. feet.I got two estimates: 1) $4843.09 by Home Depot, the Sales Consultant stated that they need to repair my roof and the neighbor's together, they do not install new roofs on situations like mine, where the roof is "shared by two properties, due to potential liability issues being claimed by my neighbor.

Cover the windows and use an alarm like simply safe. 

Barring that, you can cover it with a towel, pick it up and put it outside. 

As your assets increase you may want to get a personal umbrella policy (PUP) to cover any additional liability.

8-10% is standard.Any shared utilities that you'll have to cover?

I only need the seller to have enough equity to cover their taxes and any liens at closing.

I would like to go in looking like a professional with a package to covers all the requirements.

I.E. you would have to have the income, excluding rental income, to cover both mortgages.

Just be sure the deals/flips can cover the financing and holding costs.