Then refinance out using a conventional loan and pay the seller.It would take me ~6 months to built up all of the money I would need for the repairs.

Beware of costly repairs that can ruin your future cash flow. 

This is not a quality first deal.

I've been getting leads well under $30, one client I worked with was getting leads under $20 in fact, however, the quality just isn't there.

Seniors are choosing to stay at home, keeping those properties out of the supply chain.If we then ask the question, what is the quality of the population that leaves and the population that is staying and growing?

And then get some short term financing for the repairs—- if you have an LOC,great!

I would maintain a little more for reserves withholding (Vacancy, CapEx, Repair/Maintenance).  

.#5 Make Decisions Based on the NumbersYour real estate investing strategy should include the financial parameters by which you determine if a property is worth purchasing.Your strategy may include details about: Purchase price range.Investment cash needed for repairs and upgrades before leasing to tenants.Financing strategy for the short and long terms.Bargain purchase (the percent under fair market value a property must be purchased).Immediate value increase (the percent in increased value you expect after making initial repairs and upgrades).Geographic area.Net income.Cash flow.Net cap rate (annual net income/total value).When you find a potential investment property that fits within the guidelines of your real estate investment strategy, you can pull the trigger based on the numbers rather than emotions and personal preferences.#6 Don’t Buy from Unmotivated SellersMotivated sellers are usually willing to work with buyers, so focusing on finding motivated sellers can result in making great deals as a real estate investor.

-> 0 to 10% (model set-up for varying ranges; I can minimize my managing myself, but cost is still my time)Maintenance & Repairs -> ~10% (rough guess - 5% for maintenance and 5% for cap-ex improvements)$500 for other misc per yearAm I missing anything?

For example if it is a three bedroom and they all have reasonably equal rooms and use of the house, you would take 2/3rds of the expenses (mortgage interest, depreciation, repairs, utilities you pay etc) as reductions to rental income on your tax return.