I would recommend that you figure out what your upper limit is on how much you can spend (it should be your BAH or just slightly higher).  

@Rick Maningasmy funds are limited and I always liked San Antonio.

It is actually still illegal to do this type of flipping which is why you have say the 90 day rule on fha loans on resold properties or deed restrictions on many reo's limiting profits if sold in under 90 days.

The rent comparables, expense assumptions and capex budget look reasonable, although I must admit I have limited knowledge of the market this property is located in so I'm relying on online sources to verify rents. 

I don't know the laws about a deposit limits...that's why we hired and pay a property manager :) The pm is a licensed Realtor and actually the broker/ owner of a local company and manages several other properties.I've gotten some new info about the situation and no longer  think he may be trying to keep the deposit from us....it really never was collected (there are emails between pm and tenants to this effect).HOWEVER we were never notified about this.  

Accountant Find out if you’re getting write-offs, tax advantages and if you’re qualified to receive higher loss limits by spending 750 hours or 50% of your time self-managing.9.

Most people setup LLCs to limit their overall liability. 

I can’t think of any better way for young people with limited resources to prepare for their future so early on in life with so little cash out-of-pocket.

By doing this, with limited capital such as $50,000, you can, with the right deals and good lenders, buy 50 properties!

Plus, instead of 1 or 4 properties, BRRRR executed properly has no limits.