Purchase price 78k (will likely renegotiate once I get inside and see what capex and repairs are needed).

I know about the 70% rule and realize that there will be minor repairs.

He ended up having to complete all repairs in the first 6 months or so.

REnt credits are negotiated, as are who cares for repairs,  Best of luck!

Even better to have a paid off home all your own and the bank is your partner on the fix/flips giving you credit for future rent, even on a trashed , vacant home you are repairing to flip ( bank doesn't  know for sure you will flip rather than rent it so they have to assume some future rent , which is used as extra income to qualify.). 

It needed about 80k in repairs due to fire damage which  probably explained the holes in the floor in the description of the property.

There is no money for any foundation repair or drainage improvements.  

Put in estimated repairs report?

BUT if you are going to flip it....the buyer is going to ask for the roof to repaired.  

So based off this calculation I determined that my portfolio is strong enough to move on with my expansion plan into a new market.Business expenses as % of total expenses : 70% 1) Fixed Expenses: a)Monthly Mortgages: 45% b)Property Taxes: 18.7%c)Utilities Expenses: 14.8% d)Licenses & Insurance: 5.4% 2) Variable expense - Water bills + repair expense : 16%Personal Expense as % of total expenses: 30% My monthly living expensesa)Housing: 39.7%b)Child Care: 25.4%c)Living expense: 22.2%d) Food: 7.9 %e) Insurance: 4.8Income 1) Total Income - 100% A) Rental Income: 42% B) Wage income (W-2) : 26 % C) House Flipping Revenue: 23% D) Property Management Revenue: 5% E) Stocks/Dividends: 4% Please let me know if you would like help walking through this process as it has been super helpful to understand my financial situation or send you the spread sheet I used.