In the future I do expect to put at least 20% down.

If the expected cap rate for that area is 10% then it doesn't seem like he's that motivated.

I am using the following numbers:Vacancies - low in my area so I'm using 8%Repairs  - 5% of rental incomeCapital Expenditures - 5% of rental income + 1% for every decade over 20 yrs property age (i.e. 7% for a 40 year old house)Management - 12%  (expecting 10% + 1 mo per new tenant)So this adds up to at least 30% of my income.  

It sounds like you have undercut the sellers expected sales return from $180k to $150k.

(no labor cost in the figures) when I rehab a new property i buy we generally put in a new water heater, if the furnace is 20 years old it gets a new one, (order from e-barnett.com)  you would need about a 70,000 BTU furnace, they run about $550 for a 92% high efficiency shipped to your door, (plus install)  

I can remember as a young adult all I wanted to accomplish in life was to have a job I loved that made me six figures a year.

Do you mind indicating what you paid for the property, the amount of the rehab and what you expect to sell it for?

You'll be able to figure out your niche, hear some people being interviewed who also have their own podcasts, and you can take your education to the next level from there.  

If you leave ANYTHING out of the discussion/contract - it won't end up exactly as you expected in your mind's eye!

We figured it's probably better to flip a few homes first to get money to afford to buy homes to rent.