This will cover everything....

There is about $50,000 in repairs that need to be done but he is including a $50,000 "gift certificate" to cover those repairs, which is pretty sweet.I definately know I can make a profit fromt his home when I put a buyer in it, but how can I convince him to go down below $1M?

No HOA, it’s a small lot, no laundry facilities, non-covered parking. 

Regardless, even when I included insurance, the total expenses were about 33%, but I usually make my operating expenses at the industry average of 45% and that assures me I've got things covered. 

Per the other questions re: Repairs and market rent - Yes and Yes, but I may want to consider negotiating this portion so that I am covered further. 

Go luxury sooner, so your commissions are higher than the sub-$300k stuff that a lot of Realtors are more comfortable doing and if you land a big listing, you could always partner with another more successful luxury Realtor who would be happy to co-list and cover the cost of the luxury marketing if you're bringing the listing to the table...Hope this helps! 

I have people that run it down to lightbulbs, each light switch and outlet cover is counted and figured in to their analysis. 17 pages of SKU numbers from Home Depot or Lowes, who they are having lay carpet and the cost they are paying.

Not much I can’t fix, but if I do I work in construction and have all professions covered with cheap weekend labor. 

Second, there are 50 states in the United States and EVERY state has different laws so there is no way for one "simple" system to cover all 50 states, all types of sales, all types of financing.  

And it's unlikely you're going private lenders willing to do 7-figure loans in the 6% range, unless you're willing to give a personal guarantee and have collateral to cover the full loan amount.Personally, I've done loans in this range, but only under circumstances where my risk of loss was literally about 0%.