Basically all the things the gurus say you don't need.

They request what is called an “as-repaired appraisal.”To give a general picture of how the as-repaired appraisal fits into the process here’s a very basic look at the steps involved in a standard 203K loan, sometimes called a Consultant K* loan:The borrower selects a property, a lender, a 203(k) consultant and a general contractor.The lender pre-qualifies or pre-approves the borrower, and determines that the property is eligible for a 203K loan.Working with the consultant and the contractor, the borrower submits a document that specifies all repairs.The lender requests an appraisal.

If you have another strategy, maybe if you are trying to reduce your taxable income by taking passive losses, while still getting principal paydown and equity build up through appreciation, that is a whole other topic... but from a purely basic investment standpoint, you want to at least get 1% if possible. 

Now at point where seriously looking for deal.My current plan is to find low cost flip or small SFR rental to basically get that real world experience of process and show I can do it.

That is a great way to learn the lingo of the industry, learn some basic info and network with potential partners and or passive investors if you choose to syndicate your deals in the future.Conferences are also a great place to learn and network.With Podcasts being the new form of marketing - You pretty much have a ton of Podcasts with almost ANY Real Estate Niche you can think of.

The $600 version of their full software is basically going to give you historical averages allocated across the purchase price that you can use to reclassify.

I understand the basics of looking at Zillow and Trulia and identifying the median home prices in specific areas and understanding the statistics behind the community, i.e schools, crime, growth, etc.

Also if you can require a amount of someone is not paid to be held back from the seller since they are basically handing you a possible eviction.  

There’s obviously a lot more that goes into valuation of commercial properties, but this is the basic gist.

I have ran some numbers myself and basically if I acquire 2.8 properties a year that cash flow 150 dollars or more, I can be financially free in 5 years.