@Andre Q.Did you accomplish any repairs to the "bones" of the house (plumbing, electrical, structural, etc.), or was this a generally cosmetic rehab project?

Learn how to do minor repairs and rehabDon't get in a hurry to build portfolio.

deal #1: PRIVATE MONEY to acquire the property + My own cash to renovate it (only spent $7K in repairs)deal #2: PRIVATE MONEYdeal #3: PRIVATE MONEYdeal #4: PRIVATE MONEY + use my credit card to Stage & market the property (spent $2K)deal #5: PRIVATE MONEYLesson: private money is a crucial component of a rehabber's funding strategy.

It should always be the offer plus the rehab against the houses' After Repair Value.

I'm not sure using the 50% rule for such low rents is appropriate since there is a lower limit on what repairs costs and these rents won't go as far.

I am going to be meeting with a real estate agent to look at some distressed properties and want to know if anyone has tips about how to estimate the cost to repair any damages to the property in order to figure out if the property is worth the investment.

You will lose money if you try to flip it assuming the repair numbers are accurate.

I think this is pretty conservative in case I run into the high turnover and major repairs which are sometimes more common in these types of rentals.I also believe buying properties at such low purchase prices allow newbies (like me) to learn and make mistakes without taking huge risks.

The extra money it would cost when it's time for repairs is just not worth it!

If the landlord won't make repairs necessary to make the home habitable you probably need to contact your housing agency that your voucher is through and tell them about your issues and see if they will reinspect.