Otherwise your numbers do basically seem reasonable. 

@Vlad Denisov the property is in the westbank in Louisiana the neighborhood is B or C+ class.I’m looking to probably finance 80% through the bank and 20% seller finance or private money lenders, still looking into the options.My out of pocket will be basically the closing costs.I don’t know what you mean by the future tax !

If you planning to renovate a property after the sale, you can borrow upto 70% of ARV so basically roll in your renovation costs into the loan therefore increasing the loan.

Like every linear foot (and inch) or baseboards, count the # of doors and doorknobs in the house, etc.And this is not even to mention the fact that if I hire a GC, a lot of what he will do is just sub out much of the work, in which case I'm basically paying him a "finders fee" for a sub that for all I know I could have found a better/cheaper one myself.How can I include in the contract that I want to be able to have control over what sub's are used?

Basically, keep using the original fund money, add houses, put mortgages on them, and keep rolling forward.

@Nate Ollmann Tenants , Toilets , Turmoil.. it's basically adult daycare.

So me and my wife have an opportunity in which her father is basically giving/letting us run and manage his rental property in Mobile,Alabama (mid town 36606).

I think I got the basics down but I’m looking for more specific things.

I passed the first time but by the skin of my teeth compared to real estate brokers tests that I can basically finish in 45 minutes .. some of the mods think I gave up.. but nope done .. 

You are correct - if it's done through a broker, usury basically is irrelevant.