Double check all your numbers, rental comps, rehab budget ($5k/unit seems very low to me), etc before pulling the trigger. 

Do that math and make a plan and budget that works for you.

Great stuff @Kevin Moules loving the tight rehab budget and look forward to following along.

I want to do this because I can then better determine what will fit in my rehab budget.

Great idea, here are some steps prior to August - Start the pre-approval process in order to understand budgeting (it will last six months).Start saving up cash if possible. 

The only reasons I can think of why someone would do this is A: They realized they are way over budget and are heading for a loss, they want to recoup their investment and move on, leaving someone else to deal with it. or B: they are catering to designer investors who just want to put their finishing touches and design on the property without having to the nasty demo work and such. 

What is an average budget that you guys seem to have when dealing with distressed properties and their acquisition+rehab costs?

Hello Everyonei am looking to invest in oklahoma city, but what concerns me is that it looks like properties take a lot of damage from the weather such as hail storms, tornados, etcas a result of the weather, do you guys budget more towards repairs than you typically would as compared to investing in other parts of the country?

Unfortunately that put the house out of my budget.

They still must maintain the budget they set.Your only lifeline may be to figure out if your state laws address this situation.