I have 3 small kids, no money, bad credit, but I am determined to flip a house.

Kevin, so you can utilize rental income from the other units to assist in qualifying but it is calculated as 75% of the market rent as determined by the appraiser. 

Chris,I didn't run your numbers, but i'll answer some of the other questions.1) No you don't NEED a realtor, get a purchase agreement signed, take it to a closing agent/lawyer whatever your state has and open escrow.

Hello all :) I just have a general question.As a real estate agent in NY, if you get a listing from a client...the forms you must have the client sign are 1) Dual Agent disclosure2) Listing Agreement3) Lead Paint Disclosure if the home was built before 1978Am I missing any forms that are required?

I take the safe and also a practical route:  Price to be determined by an appraisal paid for by the Optionor (you the investor). 

Try sending out marketing materials -- in my neighborhood, for example, every tree, every light post, every telephone pole is festooned with signs, "I BUY HOUSES, ALL CASH".

Is there a rule of thumb for these expenses or how do you determine what percentages to put for the Vacancy, Repairs & Maintenance, Cap Exp., and Future Assumptions?

You'll have to do your research before you can determine if this makes sense, but it can be your biggest return on investment. 

Feel free to PM me any time if you have specific questions or want help determining the next step. 

You’ll need all of the InherItors to sign off on the title so you’ll need thier cooperation.