@Eric OneillI agree with the majority of comments here.

Your income will go a long way for you with your buying power when qualifying for your FHA loans.With closing costs and everything, if its not a major fixer, 75k is probably a safe budget to play with.

Most preforeclosures are resolved between the owner and the bank, but are NOT removed from the lead sources so the majority of preforeclosures you see on Zillow are nothing and the owners will be VERY mad if you call.

Completely remodeled this property doing the majority of the work ourselves with some contracting.

Completely remodeled this property doing the majority of the work ourselves with some contracting.

I moved to the Cookeville, TN area a little over a year ago, and I've really spent a large majority of the past year educating myself on multifamily rentals, BRRRR and other real estate investing strategies.

That is a major difference of course and one to be celebrated.  

The recipe for projected area growth is set with all of the right ingredients: Continued low inventory, announcements of job creation, HQ influx, low residential vacancy, and strong year of year rental growth.

Purchase price: $250,000 Cash invested: $115,000 Rental must be refurbed after last tenant, pool /hottub/ yard issueLeak from water heater created major damage, but didn't compare to tenant issuesMaking decision on selling/renting again to mitigate the costs of repair What made you interested in investing in this type of deal?

As @Elijah Friedeman said, you should add money in for CapEx which are any major things that need to be updated/replaced.