BRRR relies on leverage, so you need to be sure your rent won't drop below your debt service coverage. if you also have no equity, you're in a TIGHT spot with no movement. the real trouble with crashes isn't just that your business might take a wack, it's all the stuff that happens around you.

These are fixed expenses.Then take your total income less your fixed & variable expenses:$2200 - Monthly Rent(220) - Capital Expense (roof, etc.)(220) - Property Management Fee (you could do it yourself)(110) - 5% Vacancy (money set aside each month to cover future vacancy)(110) - 5% routine/emergency maintenance(150) - Water/Sewer/Trash (I pay ~300 every other month in Tacoma)(1600) - Mortgage (hopefully includes PITI)(210) - Negative Cash Flow/month.... 

My husband and I own a 2 BD 2 BA luxury condo in a gentrified area in the suburbs of Washington, DC near a metro station.Our costs for our condo will be $2100/month- mortage is a 15 year mortgage at 1.5% interest, HOA/Utilites payments are $500 a month, property manager (a friend) will be $100/month for a total of $2100.

If that's the case, I don't think it's a bad value (if it's total rent, and you are only going to get half as rent income by living yourself, then i don't think it's a good deal at all). 

But, an LLC will not limit you from liability in total.

I recently bought a property June 1st for 35k the closing was 1,650$ total but that was a cash sale .

The layout in the property appraiser website shows the total area of the home (the rooms are not divided).

Totally lost here

Here’s how I would analyze it:Vacancy - $95.1 (one month rent) 8.34%PM - $115 (Even if you self manage) 10%CapEx - $80.5 (7%)Repairs - $92 (8%)Total = $ 382.60Total Expenses = $382.60 + $266.67 Taxes + $70 Insurance + $526.09 P&I = $1,245.36Cash Flow = $1,150 - $1,245.36 = - $95.36 (Negative Cash Flow)Also you did not include Closing costs for the Purchase and Refinance.  

In other words get your financing lined up - inspectors / contractors you can rely on etc... then when the opportunity presents itself you can act accordingly.