Be sure to set aside money for vacancies and repairs either way when you calculate your cash flow.  

My reading and a fellow investor taught me that it starts with understanding the 70% Rule which is a quick rule of thumb that can be used to quickly analyze a rehab deal or wholesale deal by applying a 30% discount to the ARV (less repairs).70% Rule FormulaQuick analysis assumes profit and fixed cost will make up 30% of ARV(ARV * 70%) - Repairs = Rehabber’s MPPDetailed analysis breaks the 15% into a detailed itemized list...ARV - Repairs - Purchase Costs - Holding Costs - Selling Costs - Profit = Rehabber’s MPPThen, in order to determine Wholesalers Maximum Allowable Offer you would use the following formula:MAO = Rehabber's MPP - Wholesale ProfitWhat I need to be able to do is use the Max Purchase Price formula (detailed analysis) in order to calculate a more accurate MPP.

That does not mean you just simply pay less, it will have effect on your entire investment (longer commutes to check on things, lets buyers / renters, more days on market, lower rents, lower appreciation, etc).You will still need about 30-50k in cash to make this happen (20-25% down, repairs, closing cost and other expenses so keep that in mind.You also said "cashflow from day 1".

The repairs that you are referring to are superficial.

I calculated roughly sending 800-900 per month after all expenses such as all utilities, PITI, repairs, etc.

.$200k for repairs alone, but profits can be as high as $100k!

Basically, if you run all your numbers - Rent MINUS mortgage, property tax, insurance, property management fees, listing fees, take into account vacancies, repairs, cap ex, (HOA fees, Utilities, lawn/snow care) and you come away with a good chunk of cashflow, then its a good buy.

I plan have it painted and to make whatever repairs are obvious and necessary.

It seems like I will need to make several repairs and obviously the septics will need to be inspected (1988).....so I will need cash to do all of that. 

I would also make a list to hand to tenants of you plan to repair and when once they move in.