Also, DO NOT use your local building costs as estimates for what a restoration with cost here.

@Ray Harrell"He took a chance and he made out."

Need some reliable General Contractors (licensed and insured), who can give me estimates of the rehab.

Knowing how to estimate rehab costs, ARV, and picking a suitable area are important.

If there's small-scale rehab (handyman-ish stuff) she can provide those estimates as...well...it will be her handyman who is doing the work.6.)

Follow up question: As I was reading the instruction booklet, it states that I need to pre-pay at least 90% of the estimated tax no later than December 15 of the current year or I could pay interest and penalties. 

Tenants may read $35 and think - "that's not too bad, we can chance it for a little $35 fee"  You must charge them $35 every single time you see a pet there. 

It makes the estimation process for future rehabs a lot simpler.

If you are sourcing the property from a broker, ask them to provide you with the 12 month trailing financial for that property so that you can verify and accurately estimate the expenses.

*Chances are your broker will tell you to either take the listing (from the seller), represent the buyer, or move on to something more productive.