I'll tell what I feel just based on what my gut.

Do not ignore your gut feelings.

Can anyone share their experiences where using the 70% rule has elicited a deal, or have you had to use a “+/-“ approach (with a little bit of gut feeling) to determine an opportunity?

Thank You for your feedback and i will make sure i fill that out ASAP.I will not move foward with this purchase, with all this feedback my gut feeling is at ease that this is "NOT' the house for me.

So basically flipping our own home and renting it out so we can invest the funds on a new primary residence/etc.We've already put in some major upgrades this year (high efficiency heating systems, new windows, quartz countertops) which we really hope we will be able to salvage now that we are considering gutting the place entirely.Now our focus is finding the right contractor to guide us through the renovation with a great plan and reasonable price range. 

I'm a pretty well rounded handyman at this point, having a construction background and have completely gutted and remodeled my last home myself, so the maintenance and renovation aspect would be somewhat covered.

Keep in mind that the property would be gutted.   

I started with a Duplex recently in KCK, that we are completely gutting, expanding, and remodeling.

My instincts saved me.

The townhouse needs a full gut renovation and there's only about $75K between what he owe's and the retail value.