They are usually worth every penny they charge.  

@Michael Newman,I use these sources:current T12 & rent roll (if available)comparable rents from broker's OM packagecomparable rents from neighboring properties (MLS, rentometer.com, umovefree.com, calling to the property)expenses provided by management companies that have similar properties under managementexpenses (ranges) from NAA survey - usually outdated but give a 10000 ft picture and helps establishing some baselines.

@Bradley Bladon that makes sense so then why pay extra taxes in certain situations with an LLC?

Of course, they do not say exactly how they did this but they usually say; "we/i with conventional loan after I used creative funding."

I am usually a great judge of character :) Thank you for the kinds words!

Usually either a short term loan with goal of owning free and clear in 4-6 years (no cash flow, let the renters earn you a free and clear house quick) or a 20 year term allowing double digit cash on cash returns.

@Patrick Philip,Well, banks are "flush with cash" these days, but no, they do not have unlimited funds.Also, when banks lend, they impose certain restrictions on the loans, the borrower, the collateral, the terms of the loan, etc. so the note can be sold in the secondary market or be insured by government-sponsored agencies like Fannie Mae, Freddie Mac, etc.Private lenders ("OPM") typically don't write loans to sell them, and typically are interested in the deal rather than the borrower's details.Using OPM down usually means putting some kind of partnership, joint venture, etc. together so the source of the down payment is less of an issue or a non-issue to  the lender(s).Dunno if that helps...

If your current income is low, just be extra careful when evaluating the repairs needed on fixer-uppers and you should be fine.  

I think if you could easily pay that extra bill during the process of the flip (Research, closing, renovating, and listing), then I say go for it.

I usually do suggest finding a deal first as it increases the chances of landing a mentor, but I'd also say that finding a deal is the 1st step even without one.