We were able to secure this house for 78k, mortgage with taxes and insurance is going to be $432 and will be bringing in $1125 a month. 

Do you plan on going to a bank and get a mortgage?

As long as they were all done in a short period of time like 30-60 days of each other, FICO will see it as you are shopping for mortgage.

I paid off all but one mortgage so I have no debt to speak of.. sold all my rentals.. and moved to the debt side all interest note income. 

Abstract fees (abstract of title fees).Charges for installing utility services.Legal fees (including title search and preparationof the sales contract and deed).Recording fees.Surveys.Transfer taxes.Owner's title insurance.Any amounts the seller owes that you agree to pay, such as back taxes or interest,recording or mortgage fees,charges for improvements or repairs,and sales commissions.Settlement costs do not include amounts placed in escrow for the future payment of items such as taxes and insurance.3) if there were other costs incurred to acquire the house such as if you spend money for tax advice, tickets to fly to look at the house( or milage)  and such also gets added to the basisGood luck

We talked to several banks and found one very large bank that would rap the rehab with the mortgage the problem with this bank is they were very difficult to work with especially for the contractors.

I am in the same boat but the thing I am working on is to find those deals with owner financing, wrap- around mortgages or lease options. 

I have purchased many properties, and nearly all are rented and mortgaged privately, just completed major renovations and have 2 more to complete now. 

So although I hate it, I just deal with it for mortgages. 

The rent would cover the mortgage and bills and that's about it if I went with a 15 year mortgage.