I just checked it out it appears my score on that site is pretty low.

My advertised rental that he wants is $475.00 per month and so it would appear that he should easily be able to afford my rental, except the only proof of disability income which he was able to provide me from the Social Security Administration, dated: Nov 28, 2014 indicates only $946.00 to be paid on the 3rd day of each month.

@Matthew Schroeder thanks for the calculations on the cap rate it would appear that if Blaine wanted to leverage the equity in the units by maybe adding a few upgrades and flipping the units to an investor or someone who is more inclined to stay in the town then this may be more attractive. 

That would be about 58k purchase price which appears to make your numbers work now.

I'm looking to setup a real estate LLC for a small group of investors (all known to each other) and from what I've read it appears the Rule 506 best applies (bc we're buying a property out of state).

Anyway, my suggestion to you since it appears that you don't have much time for yourself due to work obligations and a little light on cash is this.

Tile with a wood appearance might be another option.How long does your carpet typically last in the bedrooms? 

In the BRRRR strategy, it appears people get regular loans, pay for rehab out of pocket, and then refinance to get their out of pocket costs back.

That being said, you appear to have a great equity margin in the property you're looking at.

With bigger pockets newest book having the phrase "no money down" in its title Id say get used to newbies appearing asking such questions.