When it gets fun is when they don’t pay you back - then the lawsuits start flying

Paying 2.4% for total closing costs (which include title search, title insurance, all attorney doc prep and recording fees) seems very reasonable given the relatively low $ purchase price.

If you find one that does, expect to pay at least 15-20% management fees for handling all the extra headaches.

You also have to factor In your closing costs each time you refinance, and if the goal is to pay down your loan aggressively, you will be hitting reset each time you refinance. 

My advice is to speak to a few local HMLs and ask them for their rehab estimate spreadsheet, which most should be happy to provide.FWIW, based on my assumptions above, you can’t pay more than around $480k for this property.

True value is as much as someone is willing to pay, correct?

Make sure you have good comps on similar properties because you'll be paying for appraisals, etc.  

Now you need to figure out how to find deals and pay for them.

@Amee Gardner I’ve learned through several bad experiences not to pay good money for courses or gurus.

Landlords manage from a distance and "assume" everything is going great because tenants pay rent on time.