As far as how we did it we did everything ourself besides the AC unit but have a good connect for that and the roof which we basically got at labor only as the guy had extra material. 

@Jozo Cosic, bearing in mind that there may be material differences between Canada and the U.S. here, small multi-family projects like this rarely pencil out.

Ideally, I want to build this branch and regional operation around the concept of adding value and helping build current Realtors businesses instead of the usual drop in and drop off marketing materials approach that is still all too common in this industry.

My only additional cost would be materials and a little more of my own time.

As you get more experience, start studying material costs at your local home improvement stores (whether mom-and pop or "big box"  stores),and work with more contractors, you can change out J's numbers with your own.

IMO - no, for a first time buyer you want to take action and move... a short sale or litigated case could keep you from taking action because you are waiting on them to materialize (unless you offer and then later retract).

My plan is to buy and hold.PUB02121 of the MO Department of Natural Resources states that “demolition or renovation to an institutional, commercial, public, industrial or residential structure (excluding exempt residential structures as described in the preceding section) will involve greater than 160 square feet, 260 linear feet, or 35 cubic feet of regulated asbestos containing materials, then the removal of the asbestos is regulated by the department” but the City Planning and Development Guidelines for KC state “any person undertaking the demolition or renovation of any structure shall employ Missouri registered contractors and certified workers”.It seems to me that the city regulation requires you to contract a certified asbestos abatement professional while the DNR will only require this action when meeting a certain threshold of asbestos material but I am not sure.I should add that I am not an experienced real estate investor nor do I work in the real estate industry but I want to go into this with my eyes open and I am sure I will have many more questions in the future.

They had good material that did break things down and get you through what they were teaching - how to find houses and buy them, how to rehab them, how to flip them, and how to make moneyThese days they by pass the local REIA groups and when they come to your town to speak at the free 2 hour event, it's not them, it's their sales team. 

.- Materials & Labor = Rehab Costs- Purchase Price = Cost to purchase from owner- Purchase & Sale Commissions = Our brokerage fee (partner is an agent)- Down Payment = 10% of Loan & Loan Needed = 90% of Loan- We will be paying 2 points on the loan needed.Thoughts?

@Marlon Jackson I would start by developing some basic marketing materials you can hand them.