Deduct carrying costs.

Financial freedom requires a passive income that meets three requirements:Your income outpaces inflation: Inflation continually erodes the purchasing power of a fixed amount of money.

Once you have a few under your belt and are confident on renovation costs, have your team in place, etc., you might roll those dice.

What tool can I use to track the costs of this total project to see if it makes sense ?

I'm wondering if it's worth the crazy labor cost to pay someone to do the work, or if it's a project I could do myself.  

That is, the rough percentage of the investments you make that end up costing you? 

The Motivated seller house is valued at 254,000 I offer to  am offering  to purchase the house at 75% of the appraised value which is $190, 500 and  pay closing cost of $ 7620 which is 3%.

Generally not optimal for maximum ROI but for offsetting second home costs. 

How did you pay for the down payment, holding costs, and repay the contractor?

The duplexes in the area of Long Island I'm looking at cost around $700-800k.