As @Julia Lyrberg noted, MTRs typically rent for more than LTRs, as they should for a furnished home with utilities included. 

.: I am trying to learn and understand... someone told me that its not just size of the home or level of the flip that determines profit, and that in some markets, what is considered a typical profit is 300k based on the 70% ARV formula.

I would also question how the house gained 55k in equity, or ~24% in 2 years when interest rates rose and demand fell.

Passport 2. 2 Months Bank Statements showing downpayment + closing costs and reserves (typically 12 months) 3.

-Cash Back on debit card payments (THIS IS THE BEST)-Higher APY than is typical on checking accounts 

Also, consider this copy & paste advice below:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

There's no guarantee that the liability coverage will pay out unless the tenant is negligent, at fault, etc.Mold is typically not covered by insurance at all. 

Im typically ranked in the top 200 agents in my entire state with most of my business coming from BP.

Typically, this gets the subs moving at a much faster pace, as who doesn't want that Friday payday check!!!

From a tax perspective if i am a passive investor how do i stand to gain from deprciation?