On the 50% rule, the mortgage only includes principle and interest. 

This includes not just insurance, but also corporate structure and trusts.

The contractor has given a bid for 630 K for a turn key (including the development of a retention pond).

Does the purchase price include the land?

Even if you plan to self manage, always include the management fees in your analysis so you don't get stuck in a situation where you have to self manage in order for the deal to work.

@Tiana O.The way I understand it You will have to pay yourself some salary  commensurate with the work your doing including FICA but the rest can be a dividend /distribution void of SSMED Tax. 

Did you include a financing contingency in the contract? 

School, sports, clubs, college, and internships filled your calendar and you began to operate efficiently as a well oiled machine, if you were a car you might be a Toyota or a Honda, smoothly operating with reliability day in and day out. 

Info you can get on county GIS site includes sale date, specs on the house (s.f., basement,etc.) and purchaser name, etc. 

@Alex StauntonA quick analysis:Monthly ExpensesDebt +Taxes+Insurance+Other Expenses ($4,800+1,100+200+3,000)=9,100Total Monthly Revenue = 9,000You still have not included property management (if we assume a 10%) you are looking at about 10k in expenses and 9k in revenue.