I don't make very much money at the 9-5 but you can bet I track every freaking dollar coming in and going out for my properties.

What about (seriously) (2) bunk beds in one of the bedrooms (like an army barracks) , and turn the other bedroom into the office, and do no mods to the house.They are just going to move out eventually anyway.Then take that money and invest it, or give it to them to use.5 bathrooms in a house that size?

Depending on the loan size your looking at you may want to make sure you have 15-20% down.

@Casey Ricks, your best bet is an investor in my opinion.

Sf beds baths close by garage or no and sometimes similar size lot.look at price per sf on average for those renovated comps.

Your best bet would be to buy the house from them outright.

Same floor plan and size.

A $100k rehab project is a good size one, especially for the first time rehab, it can easily go over budget.Even if you do a smaller downpayment, expect the lender to require lots of reserves. 

Using rough estimates I bet that would get you to your $4500/ month free cash flow number.

The third reason is the median PPSF includes the lot size.