Thanks for the reply to this discussion.

@Dennis Tierney is correct you're going to find it difficult to get financing for this from a traditional bank but there are other lenders you can find. 

Some people may make their money there and all the more power to them, but it wouldn't be me no matter how good the numbers are.However, this sounds like a numbers game to you, so I see the COCR is around 20% and based on the true net of $1600 it sounds like you've provided us all the expenses.I always like to run numbers personally so see what I input below and make sure its correct.

Now often times new agents are hungry and will do a great job searching for a good property, but be sure they know your criteria and be prepared to help correct their searching to allow them to better serve you. 

Let me ask you this the Repairs are being take out of the sale price of them home correct?

Any money that comes out of your pocket, you are spending on the property...that you don't need to spend.If I read this correctly, you're actually spending $500 more...out of pocket.Think about it this way: A - If you take the same property, and over the next 3 years you had no positive cf, because you spent it all + $500 extra on the mortgage, that property cost you about $60k. 

I tried over on the Legal and Contracts forum but didn't get any replies (https://www.biggerpockets.com/forums/51/topics/611...).So I'm trying here.Would love to know if you know any good people. 

I appreciate your confirmation that those are the correct things to do!

@Jason DiClemente Thanks for the reply Jason.

Is this correct?