Long story short I have a potential deal for my IRA that I am looking at.Here are the figures: Area: North Phoenix (North of Phoenix Mountains Preserve)Condo, 2 beds, 2 baths at 1134 SFSale price is $112,000Downpayment is 10%P&I is about $510, Other expenses (Vac, Cap ex, Repairs, HOA, PM, Ins, Tax) is $583 for a total of $1093. 

As an example my last flip of a 1500 SF house went as follows:Full cosmetic rehab -$22K, added bath for the master - $5K, and some roof repair and siding replacement -$1K for a total of about $28K.I'd budgeted for $25K ($30K max with my buffer) , but decided to add the 2nd bath which added about double the value of what I spent. 

How are the Total Annual Expenses in Year 2 and forward calculated?

I'll get the roof checked out during the inspection.Here are the numbers:Purchase Price - $191,000Comps - $195,000 - $205,000Taxes - $2302Insurance - $950Utlities  - $0 (tenants responsiblity)Total Monthly  - $1050Rent - $1650-$1800 - I'm thinking closer to $1,700.Total cash flow = $650With vacancy reserves, I'm looking at close to $500 cash flow monthly.

I'm looking at a $2000 repair for the ceiling replacment and another $500 for the HVAC repairs bringing the total to $2500. 

Total rent would be around 1800/months if both units were rented out.

I used Amplify Credit Union to obtain my HELOC and it was a quick and easy process...about 2-3 weeks total.

They can write up to 30 total units (a 4 family = 4 units) and they can cover apartment buildings. 

But your best bet is to house hack a du/tri/or quad-plex.

My original point is and was, there are no requirements to accept a senior lien offer less than total debt.