Here are the numbers:Appraised Value $80,000.00Loan Amount: $60,000.00Monthly P&I: $490.25Interest Rate: 5.5%Amortized Over: 15 yearsVacancy $43.75 (5%) Repairs $87.50 (10%)Insurance $61.25 (7%) Management $61.25 (7%)P&I $490.25 (56%) Property Taxes $61.25 (7%)Total $813.75 (93%)Thanks,JT

If you plan to live in it for at least 12 months after the work is completed and it is not owned by a corporation, LLC, etc, (Again, not sure how they research this) then you can sign a Homeowner affidavit and work as your own GC and hire out the respective licensed trades to complete the work to be inspected. 

In about 2 years I’ll buy in a third market which will be Little Rock.On top of the taxes you also get hail damage a lot which makes your insurance higher.I can buy a newly renovated home in Little Rock for 70k.

I started with a couple stocks and now work full time and have a Roth IRA, Roth 401k and working on life insurance.

At the very least your insurance company could help with legal council if an issue were to arise.

I let the REA do that for their homeowners/renters. 

Services You Can Shop For $2,745Home Warranty Premium (Optiional) $550 Title - Closing Protection Letter $50 Title - Lender's Title Insurance $1,065 Title - Lenders Endorsements $475 Title - Notary FeeTitle - Settlement Fee $455D. 

The trust will hold title, and title insurance, although the bank will still apply the note to your personal name. 

(i.e. taxes, insurance, maintenance, capex)If you have a lease option with 5-year window, can the owner sell that property to another buyer during that time?

There are always special assessments and new ones being added.I think your insurance is a little high at $4500 year.