Which is awesome of course, unless the ARV is too low to support both the purchase and a good chunk (ideally all) of the rehab.

What I would ideally like to do, is buy them, do the normal rehab I do, get a good tenant in there, and be able to market these properties to other investors who don't want to or are not good at these types of things.

Ideally, there would be one "local" party {David?}

I'm intruiged with the positive cash flow idea and working a full time job would be ideal for me to rent it out and purchase another.

@bryce Davis, if ever i could find someone like you. building wealth is the same as having a nice body/working out at the gym. it takes hard work and discipline (hard work->at the gym and discipline--> what you eat). for me, there is no real risk when one is trying to attain an amazing body, losing money is risky. having someone who's already successful to show me the ropes, that would be ideal.

Ideally down the road I would like to go into more units.FYI: The property was appraised for $180,000 in November 2013 based on recent sales comps.I worked full time in the mortgage industry up until last week for a year and a half- I am going full time for my MBA and have 0 other debt besides my two mortgages.Here is my financial picture:House #1:P&I, Taxes, Insurance= $1050Rent= $2250House # 2: (I live in this house and rent out the other three bedrooms)P&1, Taxes, Insurance= $1010Rent= $1550How much debt is too much to have?

FHA is 2 years but there is no straight rule on BK requiring 640 fico it just depends on the investor/bank/lender.I can do BK in 2 years (with ext circumstances 1 yr after CH7 but this is very hard to qualify for) for CH 7 with ficos down to 580 if the borrower has "re-established credit with no lates in the last 12 months and/or since the BK occurred,"Its ideal to setup up to 3 tradelines (credit cards, installment loans, or other) just to show good payment history of 12+ months to show the lender that you are now managing credit responsibly ever since the BK.Some banks can go down to 500 fico's (not us) so its possible FHA and VA have no real "credit score," requirement per say but lenders impose these.

A bedroom that also doubles as a hallway is obviously not ideal. 

That tid bit of information should also help me keep my numbers in check when I deal with sellers. 

These would not be ideal for investors.