A challenge you will have based on a $60K value for your properties you will fall bellow the minimum loan amount of many banks.

Now one of the replacement property purchases may fall through. 

Either an open outcry auction or silent bid where you place a bid for the whole package by a certain date/time.Ask them for details on the auction to find out for sure.

If you go that route do not allow yourself to be a silent partner, or absent partner because you wont learn anything and you are at great risk to get the wool pulled over your eyes.

Typically 64% lands me where i need to be. assuming a 20k repair & contingency budget us adequate;230k x .7 = $161k - 20k repairs = $141k max purchase price of an investor. me personally I would be looking more along the lines of the following;230k x.64 = $147k - 20k repairs = $127k max purchase price. dont forget to leave room for negotiations when that those end buyers start coming along with standard 5% below asking price offers. dont fall in love with the deal. you need to understand why the above numbers are the way they are. this seems like a so so deal and that's assuming the 20k budget is adequate with the needed contingency, and throw a whole seller fee into it and it might be something to pass on. break out every cost and you will see how the 70% rule works regarding capital gains, purchase and selling costs for realtor percentages, holding costs, interest on money, prorated taxes, utilities, etc... remember, investors have to pay short term capital gains which is typically over 25%. it may seem like a big chunk of money using those formulas but in reality it isnt.

Guidelines are statistically valid based on large populations of data, those who learn to underwrite within parameters, while given some leeway, are not as well versed in the micro analysis required to identify acceptable risks that fall outside the norm.

Marble Falls, TX.

The vanity he builds falls apart because the only thing he used to put it together was Elmers.

If it is anywhere near as easy as they make it look, I am even more inspired to get my foot in the door com next fall....

Then you can stand up to crises, with calm and courage, refusing to buckle; then you will not fall through the floor.