Go and get your bank pre-qualification now, so you know what your realistic budget is.

Flippers are very likely to be going over budget by quite a bit on their very first deal.

It required 5% downpayment of the total price (purchase 247k + 70k rehab budget = ~317k = ~16k).

Me and my husband are on our 3rd rental property and find that we need more organization in our budgets/expenses besides an excel sheet. 

They sell their bonds monthly tofinance your loan and they lock you into Principal/Interest day one.11.LoanAmount-Ifdoing a construction loan, you better have extra cash available or aFat budget.

I'm sure budget would be a barrier to do a STR or MTR but if you had a good market for it, it could be a great way to recoup some of the loss.

A property with low budget handyman HVAC and plumbing means you have future expenses and repairs.

Whether you walk or renegotiate depends on your willingness to undertake a big project, and if your numbers still work when construction goes over budget and takes longer than you estimated.

Price $140K ( its basically rent ready, but may need a little work to get rented - up to $5K budgeted to turn).Market rent: $1700 ( much more than 1% rule!!)

Not sure of the budget but I would say the closer to Nashville you find the more appreciation you might have in the future.