Leverage is gold.

The calculators on here are gold!!

A house that needs work will take time to put into service, so you'll have carrying costs while you get it ready. 

Quick Analysis For youARV $140k * 70% = $98k (search for 70% rule in the forums, it is a good rule of thumb to cover carrying costs, acquisition costs, and rehab profit)Always assume minimum $10k in repairs unless seller tells you it needs more (roof, siding, etc) = $88kProfit you want to make - ~$5k = $83kYou need to get it for $83k or less as a very rough estimate.Ask the seller what they would take for a cash offer today, if they won't give you a number I would give them a range $75-80k to see if they express any interest before driving out to the house.

I don't want my tenant locks on a rehab and don't want my rehab locks on an apartment.Rehabs: (including apartment rehabs) get an ugly old gold deadbolt and handleset and a lockbox.

I understand the burden of carrying too much debt as an investor, so I know I'm not quite there yet.

People go out and pay $3000 for a weekend class and then pay for the gold training for another $25,000 and then complain that BP is charging them $99. 

On our recent project I found it to be much more cost effective and I had more control over the end result to essentially insert a structural steel post/beam type of solution to take the load from the existing masonry wall that was really struggling, in one case (that was where the garage masonry wall was carrying load). 

There are deals I want to jump on today where a seller is willing to carry 25-50% of the property cost.

Carry umbrella insurance.