. - guys, thank you so much for sharing your expertise for Tek.

I have not looked at Mira Mesa much and therefore do not claim the expertise I have in my area but I would think it has many similarities to my area. 

I was looking into options contracts to see if anyone had any expertise on having some sort of vested interest into the property for a disclosed period of time and then if i was to get married within 2-3 years and have a higher income and a secondary income from my spouse i would keep this property separate from my real estate portfolio and make payments on a mortgage from my salary/wife's salary. 

Please share advice or expertise. 

Instead it depends on your unique economic facts and circumstances.Definition of "ordinary and neccessary expenses" under IRC Sec 162It is practically impossible to get up to speed on all this in one tax season filing. the expertise I have accumulated and share in consultation with clients has taken me two decades to amass.Your questions asked are indeed good ones and show you are thinking, but there's all this other stuff to think of. 

. $408Renovation Cost - $30,000Cash out of Pocket (down payment + renovation cost) - $43,280_________Need to Refinance $96,400 (remainder of the loan + cash out of pocket)ARV would need to be $137,700 (since %70 of this amount is the $96,400 I need to pull back out) After Refinance New Payment - $604_________Now as for cash flow...Expenses:Mortgage (includes P&I, taxes, insurance) - $604Property Management 10% (even thought this will be self managed) - $60Vacancy (10%) - $60Repairs (10%) - $60Cap Ex - $100TOTAL Expenses - $884EXPECTED average rent for the area - $1300Cash flow/month - $416_________With your expertise, how does everything look? 

I love working with investors we meet on BP, because we know they are serious and most of them understand the value of the service, expertise and knowledge we offer as professionals.

But if they do, by all means, apply your own expertise!!

I am a fairly handy guy myself, but I know that I will possibly need a contractor to do much of this level of renovation.Thanks for your time and expertise.

Perhaps you can find a deal where the owner is willing to give you seller financing - though that's not an area of expertise for me.