This is not worth the 27200k in potential profit plus taxes.Don't concern yourself with the 1% rule. 

ive got a potential seller with an existing mortgage left over of 190k an the home arv is abt 310k how would i go about my offer price formula with the existing mortgage? 

I also have a 300sqft detached garage which I keep all my tools in, potentially could convert that.

This could potentially reduce or eliminate your state tax liability on the property with a gain. 

There are a few good properties on the market that I feel have potential. - I have only ever purchased a turnkey property.

Select a property that ticks all the boxes - location, features, size, design - to appeal to potential visitors.

To me the $1500-$4000 a year delta between a 12% and up to 20% is not worth the risk of potentially losing a significant portion of my capital.

It shows the importance of vision and timing in real estate investments.Here are a few points to highlight and expand upon your experience:Identifying Opportunity: You've done an excellent job of seeing potential where others didn't, which is a crucial skill in real estate investing.

We have a potential deal in the works that has a business on the first floor and apartment upstairs. 

You have the potential to attract equally excellent or even superior tenants, thereby increasing overall revenue.