While the 2% rule is a great metric to use, it shouldn't deter you, especially if the property will cash-flow well.Meanwhile, the 50% Rule is simply that your expenses will be about 50% of gross fair market rent for the area.

Do you think GC's have different styles or is it fair to say that most don't like to be micro-managed?

Hoarding is now considered a mental health condition, and thus a handicap and covered under the Fair Housing Act.

Reasoning behind cutting the TAV down because is because TAV is significantly lower than market value and I've gotten a fair amount of leads with houses worth $200k+ and the numbers are almost always too high to work as rentals (which is my primary concern) even at a 60-70% of value.

My partner knows the area fairly well, and were are hoping to get back there and do some fix and flips (single family res), as well as obtain some buy and hold properties.

Completely understand the networking aspect, and it's a fair point.  

I'll get to that shortly, but once renovated:2 studios @ $425 p/m = $850 (but just call it $425, because I'll live in one of these).Asking price: $79,900What I want to offer and how I want to propose it:Offer: 70k, 3k earnest money, seller carries 12k for 3 year term at 3%.Renovation (this is fairly crude until I walk through with a good friend of mine who has been at this a while): 40k - I would also hope to save on some of this by doing much of that myself.

I'll get to that shortly, but once renovated:2 studios @ $425 p/m = $850 (but just call it $425, because I'll live in one of these).Asking price: $79,900What I want to offer and how I want to propose it:Offer: 70k, 3k earnest money, seller carries 12k for 3 year term at 3%.Renovation (this is fairly crude until I walk through with a good friend of mine who has been at this a while): 40k - I would also hope to save on some of this by doing much of that myself.

The prohibited transactions are a fairly complicated topic.  

We are fairly new to the area, but my wife is a great real estate agent, so we were able to negotiate a pretty decent deal for what we believe is a value added home.