Just a heads up, your rate will spike going from 75% to 80% and you'll need at LEAST a 1:1 ratio.

One bit of advice where you can be ahead of the curve is to write down your screening criteria for possible tenants and commit to following it.

You risk going over and then you are no further ahead if you sell.If you do renos and rent it for $300-400 a month more, it will take you more than 5 years to get the reno money back.

I feel like I might even come out ahead on the appraisal after the build is complete and walk away with my initial investment ?  

That said there are some nuances and requirements to property implement interest tracing so ensure you talk to your tax professional ahead of time and keep the funds movement as clean as possible. 

That may not apply to you, as a financial professional, but I thought I would share the story.Obiously you could re-lever your portfolio to bring the ROE back up, but then you have to place those borrowed funds somewhere that nets a high enough return that the portfolio is ahead, given the drag of the interest and any transaction fees.    

It sounds like you're doing great research ahead of your first flip.

It’s great to hear you stuck to your plan and still came out ahead, even with a few bumps along the way.

Condition we want is move-in ready, and ideally no more than 10yrs but go ahead and put that fence at 15. 

Scheduling is the hardest part of construction , good subcontractors are not sitting home waiting for the phone to ring , they are scheduled out weeks if not months ahead of time .