Have already done the analysis but I would like to bypass the agent set to list it and make a low ball offer directly to the seller.

You could also set a minimum profit for yourself.

Here are the details45+ year old housenew a/c (6 years ago)New roof (last year)New electrical panel (6 years ago)New plumbing (this year) mostly new appliances (oven is old)New floors in about 60% of the houseThe numbers:Currently on a 30 year loan with 3.8% int.monthly payment is $1250Avg rent Comps are $1600 to $1800If I apply the 50% rule then it does not work, but taking into consideration that the main money drivers have been addressed would I still be in good shape if make the decision to not set aside as much for the expenses. does this make sense?

But also don't set investment criteria so specific and unrealistic that you never close on a deal.

I'm in discussions in setting up a potential partnership with an investment group where we'll pay a 8% pref to the investors, but that would be the max risk I would be willing to take.  

Yes I would set up a PM company to keep everything neat and will help as you continue to grow.

In addition set up a rehab escrow  to  fund the project.

Even if you set all the cash-flow aside, it would take a year just to build up a $2,000 reserve which isn't enough to replace the carpet in one unit and that doesn't cover cleaning, other repairs, vacancy, etc.I don't know enough to make the decision for you but the margins seem really thin based on what you've shared.

A few recommendations:- "E-Myth Revisited" by Michael Gerber (this will have you working on your business instead of in your business)- "Rich Dad, Poor Dad" by Robert Kiyosaki and Sharon Lechter (this provides a more foundational perspective on money)- "Cashflow Quadrant" by Robert Kiyosaki (further builds on the "Rich Dad, Poor Dad" foundation)- "Set for Life" by Scott Trench- "Long-Distance Real Estate Investing" by David Greene- "The Book on Managing Rental Properties' by Brandon Turner and Heather Turner- "The Miracle Morning" by Hal Elrod-"HOLD" by Gary Keller (geared toward SFR)-"The ABCs of Real Estate Investing" by Ken McElroy (geared toward commercial investing)"Multi-Family Millions" by David Lyndahl (This is on my list of "To-Reads".

The list is set in stone on day 46.