To get in with them is hard. 2- Door Knocking.

I would want to flip in an area where homes sell very quickly and the market is rising.  

Look for cracking around door frames, or stuck doors that could indicate settling.

After around $8k for new flooring, paint, appliances, interior doors, and cleanup, I would estimate the ARV (Remember I'm new to this and I'm really not familiar with the neighborhood) to be around $65k. 

Knock on the front door and ask for the owners number.  

So it's not the best deal in the world, but allowed him to get his foot in the door.  

Some feedback:Your estimated life appears to be for a new property and you may want to adjust for the actual remaining life of the existing items.If you have not included the following items in repairs and maintenance, you may want to include them here: appliances, cabinets, counter tops, lighting, tubs/shower, windows, doors, gutters and porches/decks.Interior paint - 6 years seems long...$2500 seems high...not sure on sizeFlooring seems high - not sure on size...regional flooring companies in my market are very affordable and reliablePlumbing and electrical - I don't have plans to re-plumb or re-wire units every 20-30 years but do include estimated cap ex for fixtures.Off topic but consider LVT rather than laminate wood...it's very durable and can get wet.  

Boom, you just spend 15 grand easy.Now a tenant moves out and the kitchen cabinets doors are falling off, the cabinets are rotted and the horrible yellow vinyl flooring screens 70's + 40 years of abuse and cigarette stains, and the kitchen cabinets are rotted under the sink and the counter needs to be replaced anyway.

@Leonard KnightTransactional lenders typically give you proof of funds to get their foot in the door with the A seller.  

As I stated above, prime loans are priced at roughly 4% as risk rises from there, so does return.  6.