Last but definitely not least, when you "hire" an agent to represent you, that person MUST work for your best interests, regardless of what they may get in return.  

What kind of return do you think would make sense for you for flipping?

I feel like my buyer got an exceptional deal on this home, mainly because I wanted the security of having it sold and at the earliest possible settlement date.I could easily see how a seller who doesn't care about their reputation would be more likely to cut corners and skip on some small details in this scenario.

I notice upon my return that EVERY REAL ESTATE AGENT I knew was starting to offer 0% down FHA LOAN to assist people getting into a new home or slightly distressed home. 

@Canesha Edwards Your model is assuming those expenses are annual, but if you are only putting in monthly expenses then your NOI and other return metrics are way off.

My goal is to then invest in another within about a year, with this small of a return,  I would not have the cash to do that.  

At that arv it seems you would be much better off selling and reinvesting ... if you hold the property you would see better returns on the S&P rather than the rental income and not have the headaches of being a landlord.

If its a cash on cash return that is better than some other options, then I'd say put in an offer.

If he has worked 2 years as 1099, for loan purposes, the net amount put on his federal tax return will be averaged.

I would have negative cashflow of around $900/month on the house (SFRs don't cashflow here), and added holding costs/time mean my cash on cash returns would suffer, but I'd still meet my threshold... unless of course the market tanks by then.