Figure out what a property would cost per month (spread out furnishing costs over one year, and don't forget cleaning, landscaping if there's a yard, internet, etc.).

Finish the basement, add a master suite, fix up the yard, update the interiors, etc..   

The back yard backs up to Briley Pkwy.

ARVs are in the 375k-500k range (Keep in mind, these are craigslist posts, so I'm taking them with a grain of salt until I do my DD).Again, to me, that sounds like a deal (using 130k in equity to ideally create 200k+ in equity, while making the future Wifey happy and getting out of a tiny condo and into a bigger home with a yard :D), but I'm a newb and could be looking at the numbers all wrong (am i?).

It is working out pretty well all in all, since I am almost always on line even when I am on a 5 week bike trip across Europe, except on a long flight to Asia or Africa or on safari with no internet.No one will manage the way you want them to- just silly things like putting 2 little bottles of conditioner in the toiletry basket instead of one shampoo and one conditioner, or checking to see if some places in the yard were cleaned that might not be on the normal checklist but because of recent weather you think there might be a problem.

Putty and paint, less than $500.00 with yard work.Now, I totally agree that if you're flipping, you need to figure in holding costs, which you omitted and costs of disposal and you will need to buy lower, however, also understand that what you plan to do is irrelevant to the property's market value.

For those of you that accept dogs, how do you deal with dog waste in the yard?

Overgrown grass, junk in the yard, lack of maintenance, broken windows, etc. 

First of all, I can only assume you wouldn't be able to salvage one of the kitchens, so there's at least $10K (but probably more like $15K).

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