We bought it with a HELOC on my mom's primary residence for the first $40k, then hired a contractor for demolition and major renovations, did cosmetics ourselves and used more heloc money totaling $60,000. 1 year later we listed it on VRBO and AIRBNB and refinanced the $100000 into a fixed rate mortgage.

The homes I own total to 24 bedrooms, 8 bedrooms per home (1 master and 7 shared bath bedrooms).

Soft cost, carry cost, offsite and fees/.2 = 10,000,000 Total Build Cost 40 pads= 250k per pad Cost [250k/$150 per square ft = 1666 sqft per unit] 250k per pad x 20% = 50k for land ready to build. 

I let them know, yes proceed on T&M not to exceed the original number and do not do any work above that number.Week later contractor finds an issue and says "hey, we have another issue and we can take care of it for $500, As it stands I believe I am going to come in under my estimated total." - So we authorize the work.Contractor submits the quote yesterday for $8k and is threatening me about it. 

Did you put $130k total into this condo?

The amount you would need to report as potentially taxable gain is total insurance proceeds less your adjusted tax basis in the property (your mortgage doesn’t get considered into this calc). 

As long as the cosigner's total debt, including your rental, is less than your standard requirement, such as 33% DTI, then that would satisfy the income requirement for us. 

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

So with another 100K in construction/fix up cost bringing the total to 500K it meets the 1% rule, obviously I would do more underwriting but I need to be solid on those comps. 

Forget the VERY obvious (to the IRS) tax fraud.