Even the very best investors go over budget and hold properties longer than they expect to.

Ca$$h is king, team up and go for it.New York metro is too expensive for your budget, try either Sullivan county Ny or new Haven county Ct.You got find your niche!!!

Loan is a fanny home path for $275K with a 75K reno budget. 

Our budget is around 250k don't really want to spend anything over that.

At the very least, you are going to need some sort of marketing budget to generate leads for buyers and sellers.If you're going to wholesale and do double closings or assignable contracts, you at least need a good assignable contract and a list of investors to assign your deals to.

What is your budget?  

Our next meeting is scheduled for Wed 27 January and will cover "Commercial Rea Estate." 

I’ve spent the last few months reading books, analyzing my market, watching trends, creating spreadsheets, mock budgets, estimating financials, doing calculations, designing rooms via SketchUp Pro, networking with suppliers, and vetting hard money lenders.

Another pitfall would be not doing a proper home inspection and improper budgeting based on that.    

Based on your monthly expenses to your income you will get a good understanding and it will help you focus on homes within your known budget.