Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

The rehab based on my estimate is $120K and I am adding $80K for the unknowns.

Your contractors estimate better be spot on and all-inclusive.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

I mistyped as 250k sorry its 225k and it has an z- estimate around $1495 per month (however realtor is telling it will rent from $1600 -$1800)  ..for the 150k one, I see similar place with current renting list price is $1295.Which one do you think is best option?

Double your estimate for time spent on the painting and flooring and you'll be close to real time spent.  

Thank you very much for providing a detailed estimate to double check my numbers.

I had the inspection and estimate done this weekend, and it is about $15,000 higher than I originally ball-parked on my walk-though estimate.My question is: if I offer to remove the Contingency only if the Seller agrees to a sale price of $155,000, how likely are they to accept it? 

Since your looking to accumulate a portfolio in the USA you may wish to research forming a corporation or LLC in one of the business friendly states.