Does anyone have a suggestion on the amount I should budget to complete a project like this, Kitchen, per bathroom, Siding etc...

And are factoring in a maintenance reserve into your budget?

In addition to reviewing the CCRs for rental restrictions, ask to see the HOA budget.

Invest in direct mail marketing with a month budget of $350.

So far I've been assuming I'd pay utilities (I budgeted 500$/month which I know will be way on the high side)

However if the rehab budget is double your guess then his best case is more or less not having to bring money to sell it.Still worth getting the experience of going out there and doing a repair estimate and talking with the seller, but I'd not hold out a lot of hope this will pan out.

Since your budget is tight, can you put it on the market and see what the market says about the paint and rental rate?

This is way over my proforma budget of $40-$50k/site.

Especially if I have my contractor move my truck around. 

For 4 years we have been living off one salary and been sticking to a budget.