Chances are any investment property line of credit will be a 70/30 LTV with a rate close to prime plus 1%.

Any real chance that it may happen?  

I was wondering if anyone had a checklist or tool that they used to get a rough estimate for repairs?

Most appraisals for multifamily include the income approach to value, so you can estimate how much value it will add.

To start, the numbers:3 bedroom, 1.5 bath 1700 sq foot brick SFH with bonus room.Purchase Price: $59kAppraisal: $105k as is with estimated $124k after rehab.Renovation budget: $20k.Renovations include: new flooring in bonus room, kitchen and baths. total renovation of bathrooms, new cabinets, crown molding (to cover bad drywall job by previous owner), buff hard woods, paint exterior, paint interior, remove awning, remove side door and seal up, fix low spot in kitchen floor, and remove the non-permitted fire place.Estimated Rent: Initially I budgeted $950 per month based on another rental I own in a similar location, but  two houses on the same block were recently rented for $1200+.

She told me, "I need to work three jobs to afford to live here, so I never get a chance to enjoy it." 

Also, perhaps if the officer has a chance to see for himself the situation, he may take more of a vested interest in the problem, resulting in some special attention from the Street Crimes Unit (or whatever they call it in ATL).  

WOW, thank you Andrew for your reply, it seems like if I purchase a brand new house, I will have to depend on the home price to increase and the chance is hard to predict.

You want to be careful in "estimating what Section 8 will pay.

I guess my question is two fold, should I wait it out and keep preparing/analyzing/learning or should I take the chance and buy something where the numbers make sense, and if so, how do I buy low in such a strong sellers market?