My strategy is to save up cash and wait for the next market correction when all these newbie investors start selling off their properties at a discount.

Please correct me if I'm totally off--but--didn't we work together 4 years ago at S&J?

Use the bigger pockets calculator to make sure that you're buying a deal that makes sense.Get a contractor that you can trust to give you a rehab bid for the property. 

@George Blower is correct when it applies to 401k.However, our discussion was about a former 401k rolled into an IRA.

Correct?

Thanks Joseph Salegna every time I run the numbers around here I end up somewhere around that $3500 range or higher and just trying to figure out if I’m a) crazy to look here b) analyzing the numbers correctly or c) some combination of a) and b)... appreciate the feedback

She's talking about what normally crosses her desk, and I can only assume that she is correct for your market.But there is no law that says your deal must be what "normally crosses her desk." 

Thanks for the shoot out, but I wanted to correct you on the meetup days. 

Dear contractors, I am in the process of bidding a flip property and I have a chance to own the property.

@Jay Hinrichs you are correct that I too have only been an REI guy since 2010, so I don't know what it was like before.