For these instances, I make sure I have the appropriate permits so that I can then turn-around and sell the property at top value.

Plus he has an extensive network that I can tap into.

Even if yuo do get a home in that fashion, just realize you are immediately over leveraged and underwater in most instances on that property. 

They were fairly highly rated, and performed well on my extensive screening interview (we went over an hour).

I'll be doing an extensive full gut remodel which will include an expansion of living space by doing a partial garage conversion making this 2 bed 2 bath SFH a 3 bed 3 bath SFH, adding about 300sq feet of living space.

To overcome this, I´ve helped them by educating them thoroughly about the real estate market and conducting extensive research on potential properties.

Other than that it's a boring extension of Muncie (small college town). 

OK, savvy investors, talk to me about your experience financing the purchase AND extensive rebuild of a multi family building!

File an extension and work with an accountant that specializes in real estate taxation after April 15th. 

In my instance, it was rented out for 81 days last year, which would be 22% of the year.