Your operating expense percentage would be 450/1,200 = 37.5 percent.

Most investors that obtain a mortgage are basically breaking even yearly between income and expenses, mostly due to the high HOA payments.

With carpet, I usually go with one of the more expensive carpets instock at Lowes, and upgrade the pad.  

You could get some cash on a non-owner occupied property from a private lender, but chances are it will be too expensive to make sense.

You shall be overwhelmed.

I just upgraded to the "pro" account, I'm absolutely amazed and also a bit overwhelmed as to how much info is on this website. 

But as long as the mortgage and other expenses including vacancy threshold cost is paid in full by the tenants and a few hundred dollars a month cash flow, my spouse and I can seriously pay off our expensive degrees in no time with just our income.

You can get cashflow from more expensive props (like what you're looking at) with enough of a down payment.

I have been scouring the forums and listening to podcast with all my free time.I live in Scottsdale which is a tough and expensive market to get into to.

Banks seem to count 75% of rental income AFTER expenses right?