Thank you everyone for the support.

This may make the "list price" higher than that property can actually support through rentals. 

There is a pretty big QB learning curve and their tech support really suck (1 hour plus hold times) but I think it was worth it for ease of tax prep and vendor payment

We replaced hot water tank, walls, doors, vanities, fixtures, etc... 1b) Do I need to break down my pre-market expenses into the Schedule E categories or can I leave them in bulk under "supplies" and "services" like I currently have them?

Comps in the area support this.$25k in materials and laborMonthly holding costs: $557(int payments, taxes, utilities, insurance)House info as purchased:House built in 1971 - Solid B neighborhood - Great Schools2081 sq ft4 Bed, 2.5 BathNew RoofNew WindowsNew HVACVinyl SidingWork to be performed:New cabinets and counter topsLaminate downstairs and carpet upstairsNew vanitiesNew light and plumbing fixtures(tubs staying)New water heater Paneling removed from den and replaced with sheetrockWindow removed from eat in kitchen and replaced with slider to access the back yardSmall deck built off of sliderAnd obviously paint throughout.We will probably price it under market value and hope to sell it quickly(30-60 days) at $125k which would give us a profit(after commissions, closing costs, and carrying costs) of $22k-$23k.  

After a couple of years of dabbling in real estate I finally joined the local real estate club as well.Best and worst part everyone around me is so supportive and these people are offering to help with financing . 

@Jay Hinrichs Yes, convincing lenders to be aggressive when there were so many Wall St suicides is a tough sell.  

Everyone has heard of the Federal Reserve "Stress Test" for large Wall Street banks, but many of the same principles apply to us as real estate investors. 

A smaller number of premium turnkey providers will hold your hand from beginning to end and provide post-closing support.  

The FHA qualified inspector will note certain things mentioned above like peeling paint, missing HVAC, broken windows, cracks in walls indicating possible structural, worn out roof etc.Yes...you can do an FHA 203K....I did that on my first house.