At a high level, the IRS calls flipping houses an "operating" or "active" business.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

High Rent!!!

If anyone is considering doing a FHA loan on a 3-4 unit property, especially in a high cost area, feel free to reach out to me for feedback/discussion as I just went through the real school of hard knocks, but came out with a great cash flowing property!

So if you collect 1500 in rent for a property then your max loan payment can be $1,363/month.I wouldn't take my debt level that high, if it was me. 

I live in a resort town, with a lot of second homes, so the market price for an average home is already pretty high.

There are a few questions I have as my income isn't high and I know it might be hard to get a loan for a house but I do have enough capital raised for a down payment (15k).

We could lower the price for a higher interest rate, whatever you want to do".With that said, I think he knows his ask is far too high.

Correct this is a very niche industry that is high risk high reward. 

Monthly New Job market numbers are initially released high and revised down a few months later to camouflage the issue.