I factored in property management at 10% as well as capital expenditures, maintenance, sewage, etc.Granted, I am aware that the tenants will likely cover their own utilities; plus I don't live in Vegas, so my estimates may be a lot more conservative than what the actual average amounts might be.

You have to bring enough cash to cover the agent commission and closing costs in adiition to taking on the mtg.

Assuming the place could be rented for $2800 per month, is  the resulting $350 profit (based on all my guesses) enough to cover the things like putting money away for repairs and whatnot?

At a value of 360k your rent is far below what is necessary to cover long term expenses.

There are a few issues to be mindful of here: If the husband will remain on the property you may need to "re-qualify" him ensure his new debt to income ratio can still cover the rent. 

There is always someone out there who is willing to sweat equity a whole project to make a "wage" of $25k and there will always be someone out there who is willing to cover up some problems to make a buck.

. $20k per month means you have at least $7k per month in mortgage payments covered. 5 mortgages of $110k ($150k minus 25% ($40k) down) would only be $3,000/mo even at 5%.

I have over five years of heavy civil engineering project management experience.

The ones with the nice looking brick hearths are never framed in or covered, even though as I stated, this is never going to warm anything. 

But asking us to participate in structuring the cover up, not to mention posting it online, strikes me as rather poor judgment.There are plenty of ways to grow SDIRA's/401K's/HSA's/CESA's legitimately.