Need to find one that will cover what the call a Renovation Builders Risk. 

Hi Team,After much due dilligence on the various areas of the Lehigh Valley region, I am looking to purchase my first multi-fam and would like to speak/work with a realtor that covers the region.Looking to break out of the buy&hold SFH and non-performing notes space with multis being my long term goal.

It's short term, you have relatively high rent, just suck it up.

For Unit 2, if your intention is to rent after you are done renovating, you can deduct all the expenses and repairs related to rental after it is rented.   

I factored in property management at 10% as well as capital expenditures, maintenance, sewage, etc.Granted, I am aware that the tenants will likely cover their own utilities; plus I don't live in Vegas, so my estimates may be a lot more conservative than what the actual average amounts might be.

@Ashish Acharya IRS Interest tracing rules allow you to deduct business interest related to the manor it was used, not where it was originated. 

You have to bring enough cash to cover the agent commission and closing costs in adiition to taking on the mtg.

If you go that route you need several documents to protect you and effectuate taking over mortgage payments (POA, notice to release, etc. )If you only have a strict 90 days to do this then in your agreement that should be spelled out but several things depend on your relative and how secure he wants to be in the fact that you will basically hand the house back over to him at the end of 90 days if you haven't sold it.

Assuming the place could be rented for $2800 per month, is  the resulting $350 profit (based on all my guesses) enough to cover the things like putting money away for repairs and whatnot?

The next round of companies then said the cost of the house in relation to the cost of the rehab was out of scope for them.