Im 24 with a BA in FinanceI actually have not gotten a job in my field but went into soccer coaching for which is something I'm passionate about, I would just rather do that as a hobby rather than a means to build wealth and depend on it for a living. 

Currently the scenarios I consider are:1) Housing slumps: reduced liquidity and rent decreases ..2) Money lenders calling a loan for some reason..transferring title to LLC etc.3) Uninhabitable property... fire, flood etc... 

How many more years do you expect to be alive (reasonably ;)  )? 

Is there a reason not to do that?

Each of the units are renting between $900-$1000/mo and in this area it is an affordable, yet reasonable.

The reason I'm so interested in this property is the potential value of the neighborhood. 

As for estimating materials, a contractor that's going to do a job and go labor only should be able to give you a reasonable estimate of materials he/she will need to do the job, then you price that out. 

Flipping without experience is risky as you can easily overlook tricky issues and end up with large unexpected expenses (asbestos removal, foundation issues, mold...)That said, if I was to start today, I would look at reasonably priced duplex or SFRs with MIL potential. 

So when I call them back to schedule I tell them please call if for any reason you will not be able to make it.

If you serve a 60 day to quit, you are still entitled to the rent for the unit until that 60 day period expires, the 3 day to pay is there for that reason.