Those are the kinds of repairs that are tough to budget and could be huge costs.

Not so much injuries happen to celebrities, but longevity in the entertainment industry becomes an issue. 

Based on my numbers I have projected solid cash-on-cash returns (includes vacancy, property management, taxes, repair budget, etc.

Marketing costs are built into the structure of our business plan and are part of the budget for development but have not included closing cost nor did I include the realtor fees to sell these properties.

Negotiate something with your parents who are already in the business ... even if its at $10 an hour, live more cheaply ... have a BUDGET ... and use it- learn from your parents ... you have an unlimited resource already in place learning from you parents ... think about how Robert in the book learns from his rich dad ... get is paid peanuts ... but has an education

Has anyone given letters to new tenants (we have a property manager), with basic budget resources (ala a Dave Ramsey), with the discaimer we are not financial advisors and reviewed by our attorney. 

This includes fixing the foundation work, new flooring and paint throughout, and if allowable in the budget I would include updating the bathrooms and kitchen(not necessary as a rental for a family). 

So your purchase plus rehab budget would need to be less than about 65% of ARV, as determined by the lender's appraiser. 

One of the best ways for you to come up with a rehab budget is go into the house and make a list of all the items you want to have fixed.

Best advice is to put together a budget with a goal toward affording your first acquisition.