( addition tore off, or are you exaggerating the roof)  based on your project details, id guess 45k+ in rehab .... building a second story would be out of the picture for me.  

taxes defiantly affects cash flow .. that’s well over 4 grand that is not going in your pocket that your property income must cover and do you think that number will go down over time ?

When you say 10,000 in reserve would that be the amount that I am putting down and then getting a loan to cover the rest and pay it back over how many years or 10,000 with whatever you have to put down. 

Original single story home, built 1953, has been totally remodeled with 3 bedrooms, 2 bathrooms, wood burning fireplace, covered rear patios & more.

My big picture plans are to start an LLC soon and to, eventually, be a full time investor. 

@Raheim Binnie we are in the city as investors, brokerage and rehabbing as contractors, We have you covered. lets connect and I'll get you hooked up.

to tag along this post insurance will not cover this type of damage as it was due to non/maintenance 

The properties are now at a higher value than I was buying them for, so when I went to the bank to get an 80% loan the property covered it I finance the property paid off the current owner who also was the current bank and I now own two more properties.After refi I even got some of my rehab cash back.

I'm going to be honest so I can paint the picture as to where I am as a new investor: I've marketed for buyers, practiced calculating ARV numbers so see how that works, and have searched for properties. 

I figure my credit card statement retains the transaction amount, so I figure that will cover me.