Let me explain how...I started off in real estate investing by house hacking my house into a “sober house” and snow balled from there.

That's an odd ball number. 

203k Benefits to Buyers/Borrowers (not all inclusive) Renovate home with little/no additional out-of-pocket expenseLow down payment (3.5%)Combine purchase/refinance + rehab funds into one low-interest, tax-deductible mortgage which is based on the improved appraised valueInclude mortgage payments into 203k if home is not livable during renovationsSubmit a strong purchase offer if presented properly to sellerBuyers face less competition from other buyers to purchase fixer-uppers, foreclosures or older homes that are outdatedBetter opportunities for "good deals" on home purchasesAbility to purchase properties that may not meet FHA standards and complete the repairs/improvements AFTER the home is purchased.Select from a larger selection of properties for sale (in any condition), including condos, townhouses, mixed-us, multi-family, single-family dwellings and those that do not currently meet FHA standardsWhen offer is presented properly to seller, 203k offers may be advantageous in a competing offer situation as the seller does not have to fix-up or repair the property but instead allow the buyer to include these items into their 203k mortgage and complete the improvements after closing using the buyer's own style and design.203k Benefits to Home Owners & Sellers (not all inclusive)Market property to more buyersAllow buyers the opportunity to renovate, upgrade or improve to suit their tastes and preferencesNo need to settle for low-ball cash offersCurrent condition of property not required to meet FHA's property standardsBuyer is permitted to correct any property deficiencies after close of escrowNo more inspection concernsAbsolutely no repairs are required prior to close of escrowSeller not responsible for cost of repairs/improvementsTransaction will close with property in "AS-IS conditionClosing occurs in 45 days203k Benefits to Realtors® & Lenders (not all inclusive)Increase income by selling more homes and originating more loansRaise real estate values by improving homes and neighborhoodsDecrease foreclosure inventoryHelp buyers who previously could not buy homesHelp seller/owners with properties in outdated or fix-up conditionSpur economic growth by creating job opportunities for the construction/remodeling industryPromote an under-utilized niche program that not many Realtors® or Lenders understandRevitalize your community203k Disadvantages (not all inclusive) upfont MIPMI for life of loanSupplemental origination feeInspection feesTitle update feesmore complexmore moving partshigher interest ratepossible longer closing timeBut working with the right 203k Lender, a contractor with education/experience with the 203k, such as a Certified 203k Contractor, the benefits can definitely outweigh the disadvantages.

Account Closed my  3 favorites are crystal ball, tarot and palm readers.

As far as practice analyzing deals, I would highly suggest as exercise, run through deals in your current market, or any market you’re intimately familiar with. 

But I was trying to to get a start number to get it under contract, I don't want to high ball or offend the seller, but to get a middle ground to negotiate from.  

Going a step further, if you contact me on one of my listings, and told me this line of things, I would NOT want your business at all and would do everything I could to push you else where, maybe saying you sound like a best fit for say an Edina Realty agent, lmao(agents will get this).As a specialized expert Realtor in Investment housing, how you get my attention and help is by calling up on the listing, telling me your interest and where your at, and simply saying "I'd love to get the ball rolling forward, can you please help me, how can I best do this?"

This definitely sounds more like a lease option with you saying you would commit to exercising the option later on. 

I imagine you are not going to do the work yourself, the exercise of pricing out the material is to get familiar with the costs

If that's the case (obvious spit-balling here with limited info).