This is area is transforming at break-neck speed, and this home is in a quiet neighborhood across from an elementary school.

You may want to try offering a Buyers home warranty so that the major issues in the property would be covered, foundation, appliances, water lines etc., for a mere $75 per event?

David,Insurance policies for flips are structured different than those created for buy and holds.Flipping policies will give you coverage during the renovation time period as well as any long term vacancy, usually more than 60 days.A buy and hold policy expects the property to be rented and can deny claims related to major renovations or during a long term vacancy.There are specialized insurance programs built for flipping that most flipper will use. 

Account Closed The vast majority of your leads will not be deals.

Doesnt need any major repairs(new roof, carpet). 

Thanks for the welcome guys,My understanding of the Temple area is that Scott & White medical center and the VA hospital are two major employers in the area.

I rent the apartment per room basis (majority graduate/post doc students). 

You also should factor in Capital Expenditures (Cap Ex) for the replacement of major systems.

Also factor in grounds maintenance, which depending on your area may include snow removal and/or lawn care and landscaping (this can run a few hundred dollars a month depending on the size of the property).I always ask sellers for their P&L statements for the last 2 years which should show any major repairs and expenses.Regarding financing I think you nailed it and should look for more traditional financing elsewhere assuming you qualify.

@Sunshine Chow@Joe Homs Hit just about every question you could want to see.When someone makes a post similar to yours I put these questions out there.After finding an HML that will lend where your prospect house is (most will only lend in major metro areas or have steeper rates if they do lend outside metro areas), I would ask these questions:What is your investor success rate?