I would rather not spend tons of money on a hotel or, god forbid, an apartment while I house hunt.

I can then spend that money on whatever I deem appropriate.

If i’m Budgeting for a 550-600K property, what kind of DTI “cushion” should I leave myself?

If you are buying and budgeting right, you should be able to pull all of your money back out, regardless of your exit strategy. 

I work as a sales engineer but have been spending the last year researching the real estate game and the B.P. community seems to be very nice and helpful so I'm glad to be here!

Or, if it's a good slab and it's in your budget, ceramic tiles in some rooms would work great! 

Congrats Jodi,Sounds like you got a deal and times it right Hillary ,I’ve been listening ok’ing at flood deals for a while now , from the deals that came my way the wholesalers are looking for 60-50% of the ARV , that doesn’t leave you much room for error , market correction or stigma of a flood home even in a good area .Take off 10% for commissions, legal  & closing on sale , you are looking at best a 12/20% return on investment .Now imagine if the mold situation comes or contractor goes over budget , you may be stuck holding a wet bag If your plan is a rental than at least you have a plan B in place For the best upside of 20% I’d stay clear Of course if you can purchase at 35/45 From ARV that may be worth considering IMO the Flooded homes are going to be in the market for a while - based on the fact many owners are just hanging on and not paying mortgages .

What is your budget?

When I heard your marketing spend per year, my jaw dropped in my car and out on the road dragging behind my car lolEnjoyed the episode!

The problem with that scenario is that I haven’t found a place that falls in our budget (aiming under 80k) that creates cash flow or at least breaks even with only one side rented.