Eventually, I would like to supplement enough income to scale back to a 40-50hr work week at my job and break away from the turnkey side of it to further maximize returns. 

If you're getting recourse debt from a local commercial lender they often will allow you to roll rehab into the loan up to a certain % of appraised value.  75% LTC is fairly common for that size asset, assuming debt coverage is adequate.   

In the Schedule B Exceptions from Coverage of the title commitment, it states a "Memorandum of Option" between previous seller and buyer in 2013.

I was out of town on a 15 day back country trip with no cell coverage so wife was forced to deal with this solo.  

The main reason we'd like to get into RE is to help supplement our income since my wife stays home with our 3 young children.

I recently got into an accident with a driver that has no insurance, and I only have liability coverage.

Costar has good data, but you'll want to supplement with local research (apartments.com, craigslist, zillow, etc).

Supplementing your tenants rent is charity not business.

What are the two numbers under Debt Coverage Ratio? 

I think if you have a regular homeonwer policy with enough liability coverage you should be good but definitely check with your insurance guy.