coming in late to this post but would love to understand if you are still in in the REI game here in OKC.

If you sold the quad there are costs involved, and then you have to find somewhere else to live.

For example it might cost $3,000 to repaint an apartment and that is a charge for the landlord, but to repaint the wall after you left it with patches is about $200. 

Would be too far off to assume a a rehab cost of $40k?

Rehab starts in my third property in 3 days.So I am a fan of The Flip Secret. but I recognize the cost is significant, and everything you learn can be found in other places.

Having to add it later would prove even more costly. 

Quote from @Richard Hoyte: What is a good and or acceptable amount of money to have saved up before buying your first rental property I'm aware this can vary depending on the state/area but is there a rule of thumbThank you ahead of time  Hello Richard, Your down payment amount will have a lot to do with this.If you are going with the minimum downpayment of 3 - 3.5% , you'll want to have at least a total of 10% of the purchase price (to also account for closing costs) + 6 months in reserves.

If you are paying the appreciation game, you defiantly want to be at the example for the rest of the community.  

Best in the game, better than Navy.Try local community bank or credit union for investment properties.

If there is any value, it would simply reduce the cost.