The number above on the rehab might be reasonable but maybe not so if you are close on numbers then don't forget you are protected in your "option period" with a standard Texas REC contract.  

It works better now due to loose lending standards and the hot appreciating market.

I soon discovered I did not require PM services and decided to manage the property on my own.

You might do your OWN research / due diligence and discover that adding on to the property is a the way to go.

(My dad owned a snow removal company)Real question: Does your insurance company demand certain standards of snow/ice removal? 

These rules are based on Fannie Mae underwriting standards, so any lender offering these loans must comply.

They all cash flow well (per my standards) and are in areas which are going to appreciate.

That will tell you your budget.Make sure you have an extensive WRITTEN screening standards check list for tenants.

You will likely be held to a higher standard as a broker vs just having a salesperson/agent license so you want that expertise.

It is standard in the industry to calculate your rehab costs and then add five percent of the total budget for contingencies.