Your spread looks decent on paper $150K purchase with a $200K sale but with only $5K in rehab, I’d be asking what exactly needs to be done and if that’s truly enough to maximize value.

Any advice on what setup is easiest and most tax advantaged?

You can negotiate on the sale price to factor in this cost as well. 

Market crash is the problem for the house flippers if they pay too much price.If you are making good cash flow, market price doesn't have any effect on you unless you will need to sell the house.

The issue should have come up on the renewal but the caseworker may have been not paying attention. 

on that hypothetical 100K house - going to 120 or 150 or 180 generally doesn't cut it. 

I do not personally use him based soley on the fact that the firm is virtual.

And because the grass always looks greener on the other side, you are looking to invest OOS.

I second what @Todd Rasmussen said about running deals on paper though.

That is what we are seeing, also a good article recently released on state of bridge and DSCR loans.