Hi @Tyler Divine, yes there is...1) Provide vendors with a takeoff (you can outsource this) - no two individuals will produce identical takeoffs and if it's a sales rep doing it, cavet emptor.  

My GC and I estimate about 100K in rehab costs, thus would require a purchase price of ~90K to meet the 70% rule.

Question: does anyone know if there are Fannie/Freddie, FHA or VA rules that require a forced air system to be ducted to all parts of the house?

The judge may review the documents and rule there is still an equitable mortgage.  

I don't know anything about the Peioria Heights rental market but the argument would be that a $30k home will be a "class C (or less) neighborhood" and while you may see good cash flows and rent at the 2% rule, you'll see higher turnovers, maintenance costs, and capex which will ultimately catch up.

Its very expensive, 22000$ for each water and sewer meters + installation costs, so that is ruled out. 

This is known as the self-sufficiency rule.

@Bryan Hancock One of the benefits of the old rules for accredited individuals was that they were easily understood.  

Obviously, it takes more money and time since purchasing to sale, but i guess it may be more profitable.My question is:I read the main rule on rehab market is 70% rule, but i assume on improvement and re-building segment there are another rules, because we can get price above average market price.

After you've done enough of these, you'll fee comfortable using rules-of-thumb to screen deals, with reasonable knowledge of what your HML costs will be.