At a high level, the IRS calls flipping houses an "operating" or "active" business.

So if you collect 1500 in rent for a property then your max loan payment can be $1,363/month.I wouldn't take my debt level that high, if it was me. 

I live in a resort town, with a lot of second homes, so the market price for an average home is already pretty high.

There are a few questions I have as my income isn't high and I know it might be hard to get a loan for a house but I do have enough capital raised for a down payment (15k).

We could lower the price for a higher interest rate, whatever you want to do".With that said, I think he knows his ask is far too high.

Once you have finished the rehab you could go to a bank get a loan and purchase the property.

Monthly New Job market numbers are initially released high and revised down a few months later to camouflage the issue.

This type of product carries high risk. 

Coming from someone who bought their first investment properties out-of-state, I would highly recommend it!

If you rent this condo out and it brings in some positive cashflow, and then you move into a multifamily say 4 unit with an FHA or even conventional loan, you'll probably be spending about $40k-$50k all in on a high quality property.