If the difference is 10% until you ultimately cash out after rehabbing and the cost/rate is as described above, I would choose the structure above. 

Well Joel Avignone even do, I agree with everything set above it's hard, offcourse but your not getting closer till it hurts, real bad in the last month maybe my consulting clients and even me have gotten 8 Properties good returns, in San Diego area via Wholesalers, good returns, meaning enough for me to be happy because I don't care if I put a lot of work for 12% ROI, when people in other states making 25%, I choose to live in SD, so that's what we have here I make the best keep making volume and you'll make more money, keep doing it, keep working at it change your approaches till you land that meeting with the homeowner and from then it's easy if you know how to sell.

Make sure you have a great team behind you, no matter what market you choose. 

When choosing a lender you must never "pick one out of the air".  

We are most likely going to choose Indy.

Obviously this means I would be an out-of-state owner and would be relying on good advice from brokers/property managers, etc to choose wisely.But I am hands on person as well and the idea of being able to make later decisions about the property to help improve its return is also attractive to me, compared to a NNN lease on some other kind of property.

If you already included the make and model from a HVAC company you trust then they are providing your quality workmanship already by you choosing them over the sellers choice.

I would choose an inspector to "inspect" the work done by the first contractor, because then they will be required to sign off on the construction / rehab in order for your transaction to be complete and valid.

I know someone who choose the wrong GC when building in Jamaica Estates and that cost them over $500,000 and took an extra 3 years to build the house.

I will never understand why people "CHOOSE" to over leverage themselves and try to live beyond their means.