If the contractor estimate is needed for me to bid on something but contractor will not come over unless it is paid for to do an estimate but since I am not sure if I will win the bid and can't justify an estimation expense, how do I handle the situation?

Personally, as long as my expense - including the HOA fee, is acceptable, I am good with it. 

They seem very knowledgeable but expensive.

A few other monthly expenses you need to factor in as well below:Management FeeMonthly TaxesMonthly insuranceFactor these in and use that monthly income to tell you if its a good deal or not.

Not even 10% being that a lot of your big expense items should be addressed in the rehab.

- you make 50% of the net profit - that is net less advertising or expensive - so if the expenses are $1,000 you would make $9,500.00 and I would make the same.The expenses are usually the cost of advertising the property for sale.So............... it you are ready to begin creating leads - this is what I suggest you do ---Farm neighborhoods to look for FSBO's, send me as many expired listings as you can in the neighborhoods where we are going to invest, Go to housing court 2-3 times a week to listen to the cases and meet landlords after their case is called, run some ads in the local papers (I will design the ad for you), get me a list of all the local auctioneers in the community, put flyers on super market bulletin boards, ask 5 people a day if they know of anyone interested in selling their real estate.Look for commercial and business real estate for sale - get me all that information and we'll make a call to get information and make them an offer (you present the offer for us)Later in the "Mentor - Apprentice relationship we will advertise on radio.Any questions?

Ill have to look up the information or contact the real estate agent again and see if I can send you the details.As far as im aware, this bank will provide loans that cover the initial cost of the rental property plus expenses that need to be covered for fixing the place up.

For some reason it reminds me of my roommate in college who would borrow money from me, and then offer to "pay me back" by treating me to an expensive steakhouse dinner, which is something I didn't even want...

.-  Monthly Expenses:  taxes: $125, water/sewer: $150, garbage $50, insurance: $125, repairs 5% (newer finishes, metal roof), vacancy 5-10% conservatively.-  I'd be looking at a conventional loan (possibly owner contract) with 25% down.  

At $600/month and using 50% for expenses, suggests around $30,000, but going in if it takes dollars to renovate, to be rentable, you may need to offer less or look at raising the rent as soon as possible to make it return more for you.