For example, the layout of one kitchen might lend itself to adding a dishwasher easily.

Your 2 loans and taxes and ins are $2,363 per month at your numbers, so 1 month equals almost another 1% added to your cost, at 12 months your cost is now $278,360.What happens with your 2nd loan if it takes longer than 12 months, do you have to pay any extra points to extend?

I've heard adding a few lamps on small tables helps as well. 

To calculate the accrued income or loss, is it as simple as adding up line 21 on the Schedule E for each year that I owned the property?  

So that is added to your return. 

My approach is to look at value-added deals since my partner is a GC.

This can mean considerable value added.

You could buy a house with siding made of corn cobs if you'd like and they'd finance that (assuming the corn cob siding passed code).The issue is that true log cabins tend to significantly limit buyer pools because they are a bit of a niche product so lenders don't want to finance them at all due to the added risk for resale. 

If it's a gain, you could defer taxes by reinvesting in a similar property through a Section 1033 exchange.For demolition costs, they can either be deducted or added to the land's basis if you sell.

Those who show, I interviews and lease based on answers. my property is in a D neighborhood and most tenants aren’t the best and most won’t submit credit/background checks.