If you do decide on an area, please go visit and spend time in that area and get to really know it and the team you plan on working with before investing into it.

Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.

Renewed our next 5 year balloon periods and even extended one to a 7 year balloon.  

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

(you’re going to spend too much on these and it’s risky.)b.  

Quote from @Jaycee Greene: A few things I noticed, in addition to having the tenant pay the utilities are:1) Incorporate annual increases in rent higher than 2% (in your area, maybe 4%-5%) with a slightly smaller increase in operating expenses (say 2%-3%)2) With a gut rehab, I'm not sure why you need to spend $128/month on cap ex, at least for the first year or 2.3a) An 80% cash out refi is probably going to be hard to get.

I'd spend the money on vinyl.

Umbrella insurance is usually a very large policy of $1 million or more, extending your coverage for larger situations.

You're at the net worth level now where detailed investment and tax analysis can have large impacts to your overall ability to retire and spend. 

I have been considering asking to buy the single family in cash to separate the deal but would like that amount to be subtracted from the purchase price while keeping the cash I would spend on the down payment the same to include the single family that way the seller gets the same amount of cash upfront.