I just have an extremely difficult time comprehending 150k when the actual foreclosure value (not purchase price) was 150k with a completely outdated & run down interior.

Also I’m afraid your numbers are very aggressive for example the rehab budget is extremely light for that scope of work no matter what part of the country the house is in.

You have to be extremely knowledgeable in the market, and I don't think you can do that unless you lived in that area recently, or you have spent a LOT of time studying the market in a particular location.Can you still do it?

I’m not an expert but 40% sounds extremely high and with an unfavorable rate .... mmmh !

Mike makes extremely valid points!

I had a 1031 that the clock was ticking on....loudly.

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I am a real estate professional and Investor.Born in extreme poverty in India..

Thank you I’m Advance In Riverside County, CA  Step 1 find a banker - most are extremely busy these daysstep 2 apply for financingstep 3 buy property step 4 rent out a room or twoI reread your question. 

@Melanie Johnston this was extremely helpful I appreciate your advice!