Have engineering and MBA  education.

The monthly CF minimum is set based on your needs, financial needs, and you reverse engineer from those needs to the number you are looking for.  

The basics:Build in 19103 BR 1 bath in each unithardwood floors are OK, need to be refinished but definitely usableasbestos siding31 exterior windowsfront and back door access into stairwell/foyerneeds full electrical upgrade (still has fuse box)needs full plumbing installedneeds full hvac systemdoing all carpentry and renovations myself aside from electrical (may end up hiring out plumbing too if the inspector will not let my Professional Engineer father-in-law certify my work)I'm reading all that I can on BP to learn about what level of quality I should use in my purchases and renovations, but is there anything you wish someone told you when YOU began fixing up an old home you were going to rent out?

After being burned by a couple, what worked for me was finding some local real estate investing clubs (REIA) and start attending their meetings, talking to people, get involved and network.

Only a couple of bidders showed any interest & it died quickly at $40k.I was overwhelmed by the excessive engineering of this build.

We are all Santa Clara University engineering grads with jobs in the Bay Area."

As far as checking on a GC's list of materials and cost you most certainly have a right to have the architect or engineer on the job verify that for you that is what you pay them for and if the contractor does not like it then so be it.

(about an hour away) He is an engineer and his wife is a school teacher so they aren't interested in moving to where the home is located.

In college I studied Civil/Structural Engineering, and began working on fix and flips with family members when I graduated.  

Hi Fellow BiggerPockTonians,I found a really interesting search engine for real estate details called HomeFacts.com.While researching an area for investment I found along with a moderate crime rate and C school rating, There are 70 registered offenders, 34 foreclosures and 82 environmental hazards including a EPA superfund site.Here's a peak at the listing above - http://www.homefacts.com/address/Colorado/Pueblo-C...I'll definitely add this site to my due diligence.MRod