After this we ended up painting over wallpaperKitchen:-Replace kitchen counters with formica-Remove/replace ceiling tiles with drywallBathrooms:-R&R 2 Toilets, 2 lights, 2 vents, 2 vanity-Install tub surround-Demo tiled ceiling in one bathroom and replace with drywall-Install glass shower door in one bathroomBottom line:-17k Purchase-15k Remodel cost-Rented for $1050 / month.

Yes....and Yes... and if you are smart, you will use your license for more than that!  

I understand that more info is needed, but as this is my 1st BP post, and I am typing with my thumbs, I really wanted to get it out there and see if I could get input from some smart guys.

just over broke. thats right, most employers will give you just enough to keep coming back, which is, just over broke. you can't afford to quit, you really can't take a chance on going to another job, and you get just enough to keep yourself alive. no one ever lied on their death bed and said " i wish i would have spent more time at my job". sounds cruel, but hey, its also motivating. your plan sounds great to me. you have to give a little to get a little. its a start, and one day down the road, if you do not give up ( and thats a second piece of advice), you will find yourself thinking " that was a damn smart thing to do". never give up. no one ever got anywhere without getting started somehow and no one ever got anywhere by giving up. get on with the plan and stick to it. you will make it. good luck

Getting a HELOC and having a place to live is smart but you more than likely will need additional financing for future flips. with the HELOC you will be able to get enough for downpayment and some rehab work, but you will need more for the acquisition.

The smart ones will insist on verifying information supplied to them.A Lonnie Dealer with lousy credit is a real risk to the community owner for many reasons.

Is this smart to do with just one property?

I expected you to hang in there for about six months and move on.You're really smart and you should have started your own business long ago.""

If you buy the property correctly and rehab smartly, you should be able to sell at or above ARV, and it will sell quickly as long as it is priced reasonably.  

BECOME street smart.