The market dictates that a rehabbed house of this size can get $1100/mo (hits the 1% rule after rehab). 

I have a auto body shop that is located in a D class residential area, it was own by my grandfather, he is getting up in age and he is passing it to me. he hasn't done body work in years, he just have been renting the place out to some guys he know for like $220 a month. the utility are still in his name also. my whole idea is to come in, change things around, do the proper things, have a actually lease agreement written out for the tenants, with the new rate increase and rules, there wont be anymore of the late rent payments, there will be a late penalty, the utility will be in the tenants names,I plan to put a security system on the property, I'm new to all of this , its my first property I'm open to advice, suggestions, ideas on what I should do.

On average, how do you expect closing cost to be for a $900k property or is there a rule of thumb?

I understand the rule with the right of redemption on foreclosures, but I just wasn't sure if there were similar rules for short sale. 

@Brandon Turner No hard and fast rule as this is dependent on your lender, personal risk tolerance, market, property type and tenant quality (among many things). 

But with rule of thumbs like the 50% rule, it looks pretty good.I'm using a combination of the BP calculator and the 4 square method to analyze this, but I'm wondering if there are more experienced investors out there who could help me out and see how I can improve and what I might be missing in my calculations. 

One tip is closely track your interactions with any potential investor, but in any circumstance when you enter into the syndication/private investor arena you need to be familiar with the rules so that you do not blow an exemption or break the law.

The rules are all different.

There had been a 7 day rule that was going to limit rentals to one reservation every seven days and she (assistant director of planning) confirmed it had been removed from the proposal.

I knew she was very supportive, but didn't realize she was genuinely interested.