Subtract conservative repair numbers and holding costs.

You can budget around 4% of the sale price to cover these.This is a conservative formula.

I know there's still a lot I don't know however, and I am looking for advice on who to turn to in order to help finance a deal where I am fairly certain we could make between 30% and 40% just based upon market values and our projections which are fairly conservative within the next 3 - 4 months.Thank you for your help!

Our realtor had told us he thought the ARV would be conservatively 150k.  

I think the best option is to be conservative with your numbers.

That said, I am very conservative in my estimates but here is what I mean: 118K price; 20% down so your financing 94,400. 

Having been one of the many that got "porked" in the prior crash,,, I'm much more conservative now,,,, and much more educated than before.

Is that conservative, or is that where the comps are these days?

Most conservative folks will say that if you hold property longer than a year you're good.  

Appraisals for refinances are always more conservative than for sales.