That rent estimate would be ($3,300-3,700), but my mother thinks the rent sounds like two mortgages. 

Here are the terms.Appraised/After Repair Value: $227,000.00Loan Amount: $123,000.00Loan Number:Rate I/O: 12.25%Loan Term: 12 MonthsOrigination Points: 3.65%LTV: 54.19%Estimated Cash To Close: $51,078.20 (Does not include your EMD and call your title company for a detailed estimate of cash to close)Not exactly what we were expecting on a $83k home

A good estimate assuming no major issues would be $15-20,000 for the separation of those items but makes your property more appealing to tenants as well as future resale. 

Zillow estimates areas could see 7% appreciation in one year, so if that holds true you can get your money back even after fees of selling, and I used 3.5% down FHA.

The purchase price is going to be reduced to $16K and the rental rehab is estimated to be $45K.

There are plenty of mortgage calculators out there that can estimate your P&I payment. 

These are the books that I still wish I would have/could have read when I was 18:Mindset/Money Management:Rich Dad, Poor Dad by Robert Kiyosaki- the foundational real estate book everyone should readTotal Money Makeover by Dave Ramsey - the foundational personal finance book about budgeting and saving your money because you'll need to save as much of your money as possible to succeedThe One Thing by Gary Keller - foundational book on how to stay focused on what really mattersReal estate books:How to Invest in Real Estate by Brandon Turner - Real life stories on many different ways to invest in real estateReal Estate Investing with No and Low Money Down by Brandon Turner -  Breaking the myth that you need massive amounts of capital to become wealthy in real estateThe Book on Rental Property Investing by Brandon Turner - explains how to buy and hold property and why it's the foundation on obtaining long term wealthLong Distance Real Estate Investing by David Greene - this explains the systems anyone can/should use to buy real estate in any market around the country including your own local marketBuy, Rehab, Rent, Refinance, Repeat by David Greene - explains how to fast-track your wealth in real estate by recycling the same money to buy property after propertyFlipping Houses by J Scott - learn the flipping process to increase your income and have more money to buy rentalsRecession-Proof Real Estate Investing by J Scott - learn how our economy works, how it affects the real estate market and how to prevent yourself from losing your propertiesManaging Rental Properties by Brandon Turner - in-depth, how-to guide on managing properties and how to organize yourself; even if you use a property management company, it'd be great to know these skillsFinding and Funding Great Deals by Anson Young - ideally, your main method for finding deals should be by establishing great relationships with Realtors, wholesalers, and other investors but understanding how to find off-market deals and later pursuing these deals after you've established yourself could be beneficialRehabbing/renovation:Book on Estimating Rehab Costs by J Scott - learn how to define and calculate your renovation budgetHow Your House Works by Charlie Wing - visual guide to understanding and maintaining your houseComplete Guide to Home Inspection by Roger Robinson - know how to inspect a property and what to look for when looking at a propertyRenovation by Michael Litchfield - In-depth look at how to do almost any renovation projectComplete Guide to Contracting Your Home by Kent Lester - fully understand the contractor's job and how to effectively communicate with them Dream Home by The Property Brothers - understand the mindset of a home buyer and which renovations are most sought afterPeople/Negotiation... real estate is a people business and your ability to effectively communicate with others and build relationships will end up being the most important part of your real estate journey:How to Win Friends and Influence People - foundational book on building people skills and possibly one of the most influential business books of all timeThe Book on Negotiating Real Estate by J ScottNever Split the Difference by Chris VossPitch Anything by Oren KlaffOkay, now I'm looking back at this list and realizing just how exhaustive and probably overkill it is for an 18 year old.

For example, they'd agree to do something for me for a fee of, say $1000, then I'd get an invoice for $2000 b/c it exceeded their estimate. 

Market value estimation is never a specific percentage range above or below list price, I realize a lot of 'methods' teach this, but that is starting from the wrong end of things.The question is, what is the market value (regardless of list price, which the listing agent seller could have set at high, low, or spot on)? 

This deal is located in NW Indiana numbers are roughly estimated, I am planning to buy my first rental property with FHA loan, live there for one year, then move out and rent it out, Screen shot and Link to the file are attached below.