Here are some numbers:Cash on cash return- 24%Rent to value- 1.3Positive net cash flow per month $524I don't touch any of the net profits setting it aside for any unexpected expenses.Hopefully this helps.

hi Doug, I intend to focus on the entirety of the Houston Area(I'm fairly familiar with all parts) and any city that touches Houston as well! 

@Anthony TuckerHi AnthonyYou can get in touch with the Chamber of Commerce, speak to local residential and commercial brokers, join local real estate investment club, google your town and research trends.Most municipalities have websites that describe what is going on, as far as new jobs, new construction, etc.

Don't just count the actual time doing a task, but include the hours and expenses (fuel, etc.) in getting the materials (if you picked them up yourself) and more importantly, the overall timeline (from first touch to last) that the DIY tasks took (e.g., you might be installing flooring in one room, while your wife is painting in another, but neither of you could then be working on the landscaping at that time, whereas contractors should be working on these things simultaneously).  

The life insurance policy is a nice touch.

What you walk on and touch is hardwood, the difference is the base layer underneath.

Mutual acquaintance put me in touch with the buyer, as they were looking for what I had.

You DO know that a brand new kitchen remodel is about $15k - $20KCabinets total about 6KAppliances $3.5KLabor $5K- $8KBacksplash $500Granite $3000...Hardware 500 - $1500 (depending on finishes)Refinish flooring is about $3K for a 1000 sqft housePaint is about $4K to $6KA bathroom remodel is about $5k-$7KSo basically a $30K budget rehab will give you a new kitchen a new bathroom, paint the interior and refinished flooring.We didn't even touch windows, roof, mechanical, structural, making an open floor plan, tiling, trims, doors etc. etc, Here in CT at least a normal flip will be about 60K in rehab and this is if the house is in decent/slightly less then average condition.Did you already see the house?

Also you can shorten the inspection period if you have a great inspector on stand by and confident he can knock the report out within the due Dillinger period, 30 day close, higher EMD is a nice touch, and if you are staying there a longer time and are cash flowing nicely it may be worth it to have a escalatory addendum to the offer showing going up a certain dollar amount if someone matches your offer and keep that going until you see the property not worth it to you anymore.

@Bryce Cutler you can touch on a few issues on a high level, but it would be very inefficient to train at that stage, because we have on average probably over 20 in person applications.