I plan to use that 40k towards renovation costs, holding costs, & other expenses.

Net rents (minus 5% vacancies) is $170k expenses are $48k.  

Do your due diligence on that and spend your time finding out what that particular property is worth for you and verify everything as far as utility and the expenses that come with owning a property. 

@Benjamin Cowles To be successful in the industry does not mean that all you do is buy property at a steep discount at the expense of a seller.

The rule of thumb is 50% of rent will go to expenses NOT including debit service.

Just got a quote today that is about 3-4x as expensive as what I have to pay in NM and AZ.  

They were 2/2 units and it was priced at 825k too.I'm a little biased though, I think everything is stupid expensive right now.

I'm not a realtor, however, I'm to understand there are quite a few professional expenses you'd have to pay to hang your license with a broker.  

Keeping mind we are often dealing with 10's of thousands or 100's of thousand dollar of transaction value, lawsuits can get expensive very quickly. 

If you're doing 2 house flips and need to keep the expenses seperate just keep subledgers for each then record the totals to the ledger.