Some are more realistic than others.

I would do some research and get a realistic occupancy number and double check nightly rates for comparable properties.

In this scenario, I am working full time and will assume the usage of a property management company.7)I create a cash flow estimator model in Excel and adjust it to be more realistic based on other people’s models and what their actuals came out to be versus estimates.

So you must be laser focused, realistic and do a lot of homework on the ARV of the property you're BRRRR'ing.

@Josh Walker the best thing you can do is have realistic criteria, just as you wouldn't go to a realtor in San Diego and ask for a 10% cap rate don't waste their time if your expectations aren't realistic. 

If I can get it ~5% some of these look salvageable.Honestly though, it feels like I would still need to find property for 40 to 50 cents on the dollar to realistically make anything work.

I plan to meet with my mortgage lender soon; but how realistic am I being about getting, let's say, a 400-500k loan for a property?

Have realistic standards and a reasonably priced unit. 

Can you realistically do just about everything on your own?

However the idea is to start small, and I was thinking that possibly there is less competition at that level since most investors or flippers are looking to make more than 20k profit - which is probably a realistic expectation for this scenario.