Not to say it can't be done, but you'll likely find yourself doing things in a very suboptimal fashion -- which will have tremendous impact on both your budget and your schedule.My best recommendation is to find an experienced developer in your area, and offer to partner with him on the deal.  

There are sold comps in the area as high as 1.7mil,As far as the Repair budget it could potentially get a bit higher however i believe i could get it done for 150,000Account Closed can you explain in further detail the way you ran your numbers i would like to learn more about how you analyzed these numbers to get the 5%

Depending on your budget you should launch a multi-level marketing campaign.

I budget 20% profit based on the amount of money in the project not on the ARV. 

If you have the budget and are going to keep this rental for many more years would recommend tiling all the way up to ceiling.

Track other cash expenses as you would a typical personal finance budget; Revenue minus Expenses.

Budgets

Going over the rehab budget was not an option. 

I budget at least $150/month for all those items that need attention "later."  

You will want to keep a monthly budget for both of these.