It is my first deal, i want to make sure that I am not forgetting anything or I am under estimating the cost associating with it.Not to forget that I will be living in the third unit as well and the income is only counting two rented units and not counting my unit.What are your thought?

She says she probably needs to take leave without pay from work, as well as possibly leave Denver and Colorado to head back to her parents in Indiana, so they can help with the situation.

We also gave them materials on usage habits that would reduce their water consumption.Once the shadow billing was underway, we updated the toilets (1.25 usg UHET), shower heads (1.5usg/min), faucets (new aerators where possible - 1.5usg/min) so the tenants could see the impact of water efficiency measures and know that we were committed to helping them minimise their water consumption.We also replaced the existing laundry machines with HE units - provided by a 3rd party in a revenue share arrangement.  

On the other hand, you purchased a property for $199K, but after closing costs and the upfront PMI fees associated with FHA that would be closer to $210K - $215K which is what you say the property is worth. 

With luck you could duck your head in and check out the premises.

A little voice in my head told me to give it time see how it plays out. 

You should also read J scott's book on estimating rehab costs it's a great book to understand everything associated with rehabbing. 2.

Potential associates are attracted to professionals.

But the more you know about that fact the head of time, the easier it is to deal with. 

What the speaker is implying is that there is no personal liability associated with the loan.