Or no chance?

My concern would be if you are new to flipping that you may under estimate expenses and that thin margin could turn into a loss. 

You can start a spreadsheet and start tracking what other investors are paying and what kind of estimates you are getting so for example you will know the next time your contractor gives you a bid on carpet thats 30 per square yard you can tell him that you are willing to pay $15 a square yard for builder grade carpet.

One last thing.....Don't believe Zillow's estimates.

The estimate is very high, but the door is a custom size.

Also a huge pitfall for new investors is to estimate rehab cost.

This is a great investment opportunity I don't want to pass up, so I want to explore all my options for financing.Secondary question- would it affect my mortgage approval chances if the loan for the down payment was a home equity loan vs. an unsecured loan vs. a private money loan?

The sooner I can get out of this cubicle the better.Now that I have summarized my situation let's look at the numbers...Purchase Price: $207,000Equity: $104,000Monthly rent: $1300Monthly expenses: $1229.54 (This includes P&I, taxes, Estimates for vacancy and repairs, insurance, & property management 10% ...

Or better yet,  gain experience, learning the ropes, by participating in a real deal.I don't come empty handed as I can offer my contracting/estimating/realtor experience, $ capital, and/or fulfill whatever roles are needed.I'm in the Northern Virginia area but willing to participate anywhere in the mid atlantic or south east.Hope to hear from you!

Appraisers seem to give an estimate of current value at retail prices (if it's a $200k house and needs $20k in work, it's worth $180k).