I never took advantage of some poor old lady eating cat food and I can assure you, the person who sold my buddy that house knew exactly what was going on.

@Chris Simotas I'd say pose this question to the lenders on the site or visit a local REI and ask the question directly to a lender.  

We called him repeatedly to notify him of problems, but even when he eventually called back, he rarely visited the jobsite, provided no supervision to his laborer, and ended up costing us about $1800 in extra labor, in addition to a full month of lost rent due to delaying other contractors repeatedly due to failed inspections.I'd rather learn from other people's mistakes, so hopefully you can learn from mine and save yourselves some headache, and some cash  :)

@Aliana De la Guardia Welcome.Haverhill's a diverse enough area to find some good deals.So you may want to put together some goals and a timeline....and visit your local REIAs

Six months,  about a dozen offers, and two visits to probate court!  

@David DyeIf I were you I would make trip out to visit those houses and the areas in person... they are typically not the greatest of zip codes definitely C or D properties but it depends on the street and PM if you will succeed in these tougher areas.

Real Estate Investing is a real business, and if you think you can get started spending $500 on your education, I can assure you you will spend far more than the cost of quality education learning lessons, both financially and emotionally painful, in the school if hard knocks. 

My point is, not to discourage you from making good estimates, but don't get too hung up on math from your desk as when you visit the property/walkthrough with a GC/inspector expectations often will change even if you spend hours calculating on your own.Good example: we entered a contract on a 950 sq. ft. property last week that appeared to be CBS from our Google streetview and based on our conversations with the seller who did not have much information as she lived out of state.  

I love California but the cost of living is just as outrageous as NY.I save so much money NOT living in NY that I can afford to visit NY, CA and FL whenever I want.

Create small "Local" offices around various medical centers to create space for follow up and light office visits.