You will find this a tremendous resource for all of your real estate needs.

I plan to turn it into a long term rental and will have tons of questions on rehabbing.I've listened to every podcast (which helped me tremendously in my RE classes) and bought The BP book by J Scott.Been to a few REIA meetings and networked with people.I want to give back so here is my quicktip.

I've learned a tremendous amount of valuable information here and credit much of that to the generous sharing of knowledge by all of the experienced investors here.

So, if you're in the 25% marginal bracket and your state/local taxes are 9% (for example), you should keep aside 34% for taxes.That said, this is tremendously conservative, as your marginal rate will only apply to your highest amount of income (most income will be taxed at a lower rate as marginal rates are on a sliding scale) and you'll likely have deductions that will offset some of the income.So, if you set aside this amount, you should have some left over come tax time, but should also be good in a worst case situation.If you want to be more precise, fill out a 1040 with your actual income and deductions after each project and see where you stand.

Based on the level which you renovate there is only 1 ARV.However given that how well you renovate the property can vary tremendously, there are a variety of ARVs depending pm the end result.So yes, to generalize a property renovated to a rental level would have a different ARV than a property renovated for a retail buyer, which could be different still then a fully pimped out renovation.

Just immerse yourself in it and try to find what works for you.The ultimate beginners guide is tremendous but i think my favorite resource are the BP podcasts!

More power to them, it is a tremendous business model that I am looking to pursue in the near future. 

I've been trying to self educate myself tremendously on Multifamily properties as well as places that can qualify for a FHA loan.

This helps tremendously!

Do it the right way and you will avoid a tremendous amount of stress.