First BRRRR jitters and worries

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My first go looks like this:

3 bedroom, 3 bathroom, 1514 sq ft, Purchasing for $47,000, Estimated $25,000-$30,000 Rehab (max), ARV for $115,000. Working on financing right now. Let me know what you think!!

Updated over 2 years ago

I guess I need to backlog my story. I have watched my wife fight to do what she loves so much that it is killing her to do it (nursing) and I know our family can do so much more. We are both educated but that only gets you a JOB and not a life. I made many choices on which way to go and the only thing I see to build wealth is real estate. I am trying to build a nice cash flowing life out of it starting with this first property which at this time we may move into (current house has about $45K of equity but needs to be refinanced within the year) and thinking about renovating it and renting it out. I live in a small city right outside of Cedar Rapids, Iowa and just getting into the RE market. This first house is again the first attempt and still trying to figure out things as I go. I found out some RE agents are shady and unethical on what they can say and financing is something I am still learning (trying to get money for the new place -hard since I don't want to mix the properties at this time in my neophyte phase). I know there is a laundry list of things I do not know and each day I learn more through BP, podcasts and YouTube. I thank each person who has and is helping along the way.