Where I succeed is estimating rehab time lines, ARVs, and rents. 

I would hold back in cash the rule of thumb percentages each month, but have a credit card or line of credit available for the unexpected. 

The apartment units have mostly 2 beds or less, and the 2 beds range from $1600 - $2500 right now.

I was able to track down a land line but it has been disconnected.

You must take the time to study and learn everything you can in advance before you put everything on the line.

As Nathan mentioned, they may start packing their house, may have lined up a purchase on another one, etc. 

It has 4 beds 1 bath.

There are a lot of opportunities out there where you could get similar numbers in regards to price vs rent, but could get a "more ideal" property that may have 3+ beds and has off street parking.  

Common examples are sloped ceilings that aren't high enough, basement areas that, open porches, etc.Bottom line, if you're going to convert a property, you'll need to get floor plans.If you have more specific questions I'm happy to help you out.

I am waiting for a hot shot like yourself to argue “where the line is drawn” with the IRS before passing final judgement.