Assuming 50% of that goes to expenses, rent loss and capex (see the 50% rule), your NOI is about $1250/month.

In general Virginia is a "landlord-friendly" state, but even so there are rules you have to follow.

@Joshua Dorkin and @brandon turner (who has apparently disallowed people to tag him in posts) and many of the guys I've heard in the BP Podcasts would guffaw as there is no way (that I've seen) you can be anywhere close to 50% rule here.  

Source of income is not a protected class under federal rules, but it IS protected under some state rules (such as in NJ).

That rule is all about intentions, so I am fine."  

I am not sure about the rules surrounding your bank loans, but one word of caution: If a HML makes the deal real tight for a 3 month hold I am wondering how tight the deal is to start with, as you pay a lot more closing costs with a bank loan than you typically do with a HML so the few percentage points (even if a 6 month minimum on the HML) shouldn't be making or breaking the deal.Make sure your deal is really a deal before you jump in.

I just want to learn how to put the whole package together and hopefully find some opportunities.Of course I would be happy to make connections with investors who need an experienced contractor too, but I understand the rules about where to talk about that.Thanks for a great website and group of people.

Have you read about 50% rule on BP?

Since you're looking to get into buy & hold investing, do some research on the 50% rule.

However, the 1% rule mentioned in various books didn't exist in the Bay Area at that time.