We decided to fix the bad spots in the fascia and leave the rest.

Now when you rough estimate before seeing the property are you just taking the sqft multiplied by the average cost of installation for say flooring in your area as an example and adding that to the rest of the rehab costs?

If you get properties under contract at the right price you will easily become a gold-mine to other investors and rest comfortably knowing you will get the assignment.   1) FINDING BUYERS Getting properties under contract begins with what I call your "Web of Influence".  

So let's say I qualify for 60k but the property I'm looking at is a four plex worth 185k, I can use the line of credit for the down payment and then have to qualify for the rest thru another loan right? 

A far better approach would be for you to borrow the down payment required to purchase a property with bank financing for the rest.

Since we have lived in our current residence for about 15 years we could sell the house and not be taxed on the capital gains.Use the cash as down payment for a new home and use the rest for down payments on rentals.2. 

I can put in 20-30% down but need the rest for closing the deal. any private money lenders on  BP.Note: The property is in Jersey.

I personally think it can be either, depending on what you buy and what you do with it in the future.Anyway, if my understanding of your question is incorrect I apologize as the rest of this post will be irrelevant.When it comes to a primary residence I always ask people one questions: are you PRIMARILY buying an investment or are you buying a home?  

Take the rest of the downpayment and go flip a house.

Give them $50 to go buy lunch and disappear for the rest of the afternoon while you hold the home open.