I started as a mechanic worked up to finance to start my departure from working for someone else so I can work for myself and enjoy my wife, kids, and grand kids.back to how to do this why you work hard.1. bullet proof pre qual2. know in advance the area your interested in.3. make offers subject to inspections.. 4. once YOUR IN contract then go with the inspector and view the home then.. with the quality of pictures these days and if your in a hot market trying to wait for you to look at it your going to lose deals like crazy.. 

Expect to lose money for the first few years from a cash flow perspective.

In fact, I would argue the moment you are sued you lose. 

We have a young family and don't want to get in over our heads on debt should something go south (and don't want to be over leveraged if we decide to move to a new primary)40% was where we felt good about the cash flow, and can be relatively sure we wont be losing money each month even if something unexpected goes wrong, and we have it sitting in the bank from a stock sell off.

Also, you can gain/lose money quickly in both markets. 

Or risk losing your asset. 

you can lose 1/12 from yearly revenue in this situation.

If the current owners are happy with the employee, you are less likely to lose their account.

If not, you can refuse to close, but may lose your deposits.You can ask the seller for a concession, but if the contract doesn't allow for it, he's perfectly justified in refusing.

If you paid $195,000 and spent another $25,000 remodeling it, you are all in for $220,000.If you sell for $130,000 minus $7,800 in commission and $5000 in closing cost, you would have  $117,200 left.You're losing $102,800.