My main concern now is the unfinished porch.I'm receiving bids that are all over the map: some are as low as $1,300 for labor, while others range from $4,000 to $10,000.

He talks about how you can purchase a rental property, manage it as a short term rental during the year you acquire it, do a cost segregation study, use those "losses" to significantly reduce your taxable income that year, and then turn the property into a long term rental in the following year. 

The actuaries realize they have too many policies in one area and the insurance companies want to reduce risk and spread risk. 

By living in one unit and renting out the others, you reduce your living expenses and generate income.

Increasing your down payment can indeed make the asset cash flow positive, even if it reduces your cash-on-cash returns.

If you ever found your self in trouble you sell a property and reduce your debt load and obligations. 

If you mount the new beam below the ceiling $1500 material labor...if you put it up into the floor joists above $2500-3000 (meaning so you can't see the new beam once the ceiling on the drywall is repaired)  Figure another $65-70 per sheet of drywall needed for repairs. 

But at this point I am going to reduce it to 2 questions so I don't give you a headache. 1) if a property is being sold as is, is that an automatic disqualification?

I thought about doing a partnership return with my wife since partnership returns are audited less, to reduce the size of my 1040, but my CPA said it was not worth worrying about. 

It could help you get a lower rate or reduce closing costs.Good luck with your house hack!