Anyone know what the average cost of this project is off of the top of your head? 

So when one of my mentors (known him for 6 years) that is heading where I want to be invited me to a fortune builders seminar to learn some tips without a doubt I didn't procrastinate to take the offer and as a result I met his mentor a man that has been doing real estate for over 60 years.

I've been reading everything on BP as well as viewing podcasts.You hit it on the head pulling the trigger and making a decision will be a challenge.

With FHA you pay a substantial amount in PMI. 

If you're not, or don't have much experience in that yet, then just be careful that you're not getting in over your head with a major fixer-upper. 

That's the point of an LLC.I thought you did an awesome job based on the results. 6 1/2 months may be valid based on the extent of the damage (which sounded substantial) and surprise repairs you encountered.

Sounds like you've got yourself heading in the right direction for now.

Would i be in over my head?

You analysis is also correct, once you are 20 - 50% into a 5-year variable/ARM mortgage, interest rates will need to rise substantially to wash away the interest payment you have saved.  

I have studied real estate for a long time, which helped give me a head start.