The mean reason for business failures are usually undercapitalization meaning they run out of money before they can figure out a system and successful process for growing and scaling while maintaining healthy profit levels.TI's can vary greatly.

Consumer lenders generally do not use potential rent because there is no assurance you will get that rent or even when you will get it.  

Don't over leverage, take enough out to get the downpayment healthy on the next one.

The Real Estate Act was put in place to protect the consumer from Realtors so it is strict.

NOTE:  You are not required to use the rental income to qualify but if you use any rental income you must use all rental income for that property.6,393.33/month x .39 = 2,493.40 max PITI payment6,393.33/month x .446 = 2,851.42 max PITI payment2,493.40    2,851.42  max payment-150.00      -150.00  est monthly insurance-710.75      -710.75 property taxes 1,632.65      1,990.67 maximum available for debt serviceMax price estimatates39% Housing payment 1,632.65 / 5 = $ 326,53044.6% Housing payment 1,990.67 / 5 = $398,134**The rule of thumb you should know for debt service is that every $1000 costs about $5/month (this is approximate but does include MI if the rate is low enough, your actual may vary slightly and could be as much as $5.5/month)FHA Mortgage Insurance - The Big Scary MonsterMani, you are not alone most consumers are afraid of FHA mortgage insurance but they shouldn't be afraid at all. 

I may want to keep working or I may want to go RE Professional at that point but either way I want time to play with grandkids, to travel and to enjoy life while I’m still healthy enough to do it.I see so many people who wait until 65 to retire and by then they can’t get around well enough to do what they’ve always dreamed of or they have a spouse with serious medical problems that can’t go anywhere.

Even the successful flips will encounter negative feedback since you will be accused of using your superior knowledge for personal gain at the expense of the consumer/seller.  

That way if I do not want to sell then and interest rates rise I still have a healthy spread for return putting new debt in place.If you can try to negotiate a 5/5 with a ceiling.

In regards to a 203(k) loan I heard they can be quite cumbersome, and time consuming.

Another book I would add to the list is the 4-hour workweek by Tim Faris, it's more about business and is a down and dirty guide on how to implement systems, and how your life will be consumed by your business if you.Again, welcome!