Assuming 15k in repairs and you can refinance for 60K, then your break even rent amount (after expenses) comes close to $800.

These expenses can add up quickly and close in on your margin.  

With in 5-7 years I would like to be able to financially stable, that is to say that at this point I can cover all living expenses as well as be able to be able to purchase a car, or new appliances, or cover medical bills, all without having to worry about if I'll enough money to eat that week. 

Do you plan on using some sort of accounting software to keep track of income and expenses?

Insurance is a pass through expense to us (part of our monthly lease payment) so if we screw around filing claims and our rates go up that passes to us to. 

I've done a few flips in the past but the contractors were quite expensive and on the slower side for completing the work.

I average around $200/unit/month for regular operating expenses (many of which might not show up in first few months of ownership) and use around $50/unit/month for CapEx.  

In my city, that much would by a really nice house in the expensive area of town, but I'm in Knoxville, TN. 

Here are the details:$319k (with an ARV of $319k)15 bed / 6 bathGross rent: $9050/monthMortgage: $2799.45 (100% financing at 10%)Total Operating Expense $3849.33/month (Maintenance 17%, Vacancy 7%, tax and insurance included)Monthly Cashflow: $2401.21If you have any thoughts on this property, I'd love to hear them.  

All income I make, I can have various types of expenses deducted.