I was doing calculation on a property I bought to flip. The rehab part came a lot over budget but I was able to get away with keeping it at around 75%. I have a choice to do BRRRR or Flip. If I go the BRRRR Route my Cashflow will be around $63/month. Its low but I will have pretty close to zero dollars. I will however need to maintain 6 month reserve of PITI in the amount of $4312. So not sure what direction to take this. Am I missing something?

@Azzeaz Saleh, You could also do a rent-own with an option to buy. You may want to look into this strategy as well. On a positive note, you now have a property under your belt and you probably learned a lot. Also, there is no minimum amount, it's whatever your comfortable with. Although, I will say that you're not leaving yourself a lot of room with $63. 

In saying that, I don't know all the factors you have considered for this property in regards to pulling out expenses either (i.e. repairs, cap ex, and vacancy). And I don't know your market or the property's ability to appreciate over time, or the probability. These are some things you may want to consider as well, and good luck!

I agree with @Matt Crusinberry, and not just because he has a great first name, that it's important how you're getting to your monthly cash flow number.  If you are taking into account all your operating costs, capital costs, and you have a reserve, then you can easily accept it and move forward.

You should also calculate the opportunity cost of this investment.  Opportunity cost is always described by what you could do with the money tied up in your investment if you were to move it elsewhere.  For example, if you flip this property, can you reinvest the capital into another long term rental and receive higher cashflow?  The answer to that depends on your current market and how much buyers are paying for their investments.  An investor friendly agent in your area should be able to help you answer this question.

@Azzeaz Saleh $63 a month is $63 more a month plus any appreciation. You're in the black and you've gained invaluable experience. Also, someone else is paying down the mortgage for you and is creating equity. Look long tem and work backwards. What's the exit strategy? I have a colleague who had a duplex in which He was going -$40 and kept no reserve but when sold, it gave him a 32% return. Most people would have walked away just looking at the cash flow.  But, I do agree with @Matt Crusinberry and @Matthew Dennehy. You need to look at it properly. The great thing about math is that numbers don't lie, but don't manipulate the numbers just to make them work either.