When buying a house or refinancing, you will have closing costs. 

@V Reddy First, setting up an LLC to invest in real estate is generally to limit personal liability and for asset protection (select "magnifying glass icon" in top-right corner and search "LLC", you'll get a lot of feedback).

Here are some tips on doing comps when you do them:1. use the same bed count, go up or down a half bath2. start at a 1/2 mile radius from your target house (expand 1/2 mile each time to get more comps)3. start at 3 months back (expand 3 months more each time to get more comps)

Many lenders avoid these deals due to the low resale potential, but I'm curious if there are any loan products available for this price range, especially in markets like the MidwestAlso, does anyone know if any lenders are bundling multiple low-cost loans to meet minimum loan thresholds?

You may be able to find 15% down but even that is VERY hard to get and with the changing lending climate could completely dry up.

A few things to consider when starting out:1) Be sure you have liquidity for the down payment, but also a healthy reserve account, since unexpected costs will come up while owning real estate. 

On an ideal Brrrr you extract all costs including the cost to purchase the property.  

Looks like mortgage is over $4K/month on a 30 year mortgage.Purchase Price $950,000Down Payment $70,015 7.37%Mortgage Insurance 35000Closing Costs $18,000.00 4% $18,000.00Interest Rate 4.25%Term in years 25Financed Amount $914,985Payment $4,956.82Renovations/Repairs $20,000Out of Pocket Costs $108,015Monthly Assumed % Manual InputRent $6,000Property Mgmt $480 8.00%Vacancy $300 5.00%Maintenance/Repairs $180 3.00%CapEx $45 0.00% 45Insurance 50 0.00% 50Property Taxes 419.7 0.05% 419.7Rental income tax 0.0 25% 0.0Expenses Subtotal $1,475"Annual % Increase(rent + expenses)" 2.5%1% ruleGross monthly rent should be >= 1% to total purchase price0.63%GRM (Gross-Rent-Multiplier): the lower, the better13.2Cap Rate (Net operating income (annual) / total purchase price): the higher, the better5.72%Net Income After Financing (/mo.) = Net operating income - financing costs-$432years Monthly CashFlow1 -$4322 -$3183 -$2024 -$845 $386 $1637 $2918 $4229 $55710 $69511 $83612 $98113 $1,12914 $1,28115 $1,43716 $1,59717 $1,76118 $1,92919 $2,10120 $2,278 

It's just another grab for the city to make up lost taxes. 

I'm struggling to find good tools/strategies/professionals to help ballpark the rehab costs so I can make a reasonable offer.