Seems you have the ability to generate an accurate proforma based on your experience and if it passes the sniff test of GC (with hotel experience also), architect and banks you should be ok.

You just need to be extra careful as their data isn't always accurate, updated, or even close to being correct at times.

Your net worth in the example above is simply 100k (A) - 50k (L) = 50k (SE).However, you very astutely noticed that this 50k would not be a very accurate figure if you were to try and liquidate your home position to cash.You can account for this by bucketing your assets and liabilities into Current Assets/Liabilities (Cash, Stock, Credit Card Debt, Current Portion of Mortgage/Car/Other Loan) and Long Term Assets/Liabilities.  

We are working on our business plan right now and building up funds for our first property purchase ever as we continuously listen to BP webinars, podcasts, crawl the forums, and read whatever materials we get to make sure we make our first deal a good one.I'd love to meet other folks interested in the REI scene here in Reno-Tahoe and get the skinny on good references to help build up a team of professionals I can rely on including a CPA that knows real estate, attorney that knows real estate, competent contractor that can accurately inspect and estimate costs, good local financiers,  etc.I'd also just really enjoy talking with people in person that have a pulse on the scene and get to know more people with like interests.Do we have a local meet-up?

At this point, I still didn't really know how to run comps, or even know which websites I can go to get accurate information (I started out using Zillow.com whichI still use, but now in conjunction with Propertyshark.com), but because of my partners, we got it under contract and made $16,500.3) Find Mentors. 

My questions are as follows:Are you happy with the net...If you are it doesn't matter what anyone else thinks as long as you have figured out your net accurately.  

Robert's numbers shown for the rehab estimate seem to be pretty accurate to me from what I have seen in my experience.

You have made some pretty accurate predictions!  

Encourage applicants to take their time in filling out the application so it is accurate and easy to read.

If so, accurate ARV and repair costs are even more critical.If you're looking to buy and hold as a rental, then you can usually get away with a less expensive rehab, and you're more concerned about cash flow than ARV - in which case you'd need to evaluate the potential rental income versus financing, tax and insurance costs very closely.The pending sale could be the contract to the wholesaler, and the July 2nd date is probably the date their contract and/or contingencies expire.