Expenses include maintenance at $200/unit or $800 total (Courtesy Patrol, Exterior Building, Grounds, Insurance, Water and Sewer) and water averages around $125/month total.  

Just think about your insurance deductibles for those bigger claims like hail storm. 

another related question - is home insurance cost different between condos and single family?

Here is what the numbers came out to:$50k unsecured loan at 8% interest from Huntington BankPurchased property for $40k- used the remaining $10k for repairs (repairs should take max of 2 months)Rent house out after repairs are done for $900-$1,000 per month  ARV of property is $60k53rd Bank offers 90% LTV refi after 6 months seasoning and $195 processing fee at closing- Refi property for $54k on a 30yr mortgage at 5%Mortgage payment including taxes & insurance= $436/monthCashflow= $900 - $436 = $464 gross cash flowRemove 20% for cap ex/vacancy/other expenses (round up)= $100Net Cash flow= $364 monthWith the 90%LTV refi I am able to get my initial $50k back from the unsecured loan plus $4k.

Your mortgage insurance is low also.

Growth is quite staggering in this area, and with the new industries opening up we are seeing a lot of jobs flooding into the area.  

@Matt Gilroy I would agree with @Alexander Felice...our Achilles heel in this industry is turnover...tough to keep good tenants when they may deploy at any moment or be relocated every 6-months. 

Reno has been considered a hot market for several years due to the tech industry spilling over from the Bay Area.

Best of luck as you learn more about the industry and work your way through your plan! 

This is consistent for most guidelines (state, industry, federal).