You may be able to find someone to rent the property at above market rates, but your turnover rate will be higher, leading to higher vacancy costs, turnover expenses and leasing commissions, which will more than eat up any extra monthly rent you received.

I would guess that the income taxes are eating you alive on this amount of volume.  

As someone looking to buy and hold I'm avoiding ARM liens where possible because of the extra risk from rate resets eating into your cash flow.

It would seem to me that $1300 per month rent, minus 50% rule, debt service and HOA fees will really eat into your budget.

Hi @Jared Cacciapaglia   also consider that using a private lender will allow you to present offers as "cash offers" and close in a short timeframe, all things that should make your offer stronger and more appreciated by the seller.This should grant you better sale conditions, or at least to avoid being kicked off the deal (many sellers do not deal at all with financing contingency offers, as you surely know).I had hard times in getting offers approved by using the conventional financing…Of course you need to make your numbers before to proceed with private lending as the interest could be eating out the profit, but for flippings that's ok

What are some things that I'm not considering that could potentially eat up my cashflow?

In the other 2-4 unit properties we eat the water/sewer costs, but did not notice any significant change in consumption.We install HE washers as part of our en-suite laundry.  

I'm thinking that the rehab cost is going to eat up any profit since the area comps are only about 80k.

As for finding a good mentor (in Real Estate or otherwise) the trick is where to look and consciously being observant  I'll give you a personal example.  

Eat that frog!