And are factoring in a maintenance reserve into your budget?

In addition to reviewing the CCRs for rental restrictions, ask to see the HOA budget.

Invest in direct mail marketing with a month budget of $350.

So far I've been assuming I'd pay utilities (I budgeted 500$/month which I know will be way on the high side)

However if the rehab budget is double your guess then his best case is more or less not having to bring money to sell it.Still worth getting the experience of going out there and doing a repair estimate and talking with the seller, but I'd not hold out a lot of hope this will pan out.

Since your budget is tight, can you put it on the market and see what the market says about the paint and rental rate?

This is way over my proforma budget of $40-$50k/site.

For 4 years we have been living off one salary and been sticking to a budget.  

Question and/or advice.How would you handle a Rehab when the Design and Budget clearly are not in line with each other?

I just received a message from the Rhode Island Association of Realtors that said:"The real estate conveyance tax that is paid at closing by sellers of homes and other real estate will increase by 15% on July 1, 2014 unless you act today.Article 12 of the state budget will increase the tax $2 per $500 of the purchase price to $2.30 per $500.