Your net income includes equity from debt pay-down.

Everything should be done in hosue, including owning the property, renovations, and management!

Based on the above is my understanding correct and the 45 day identification period and 180 replacement property purchase period (which includes the 45 days) both extended?

Same on the rental side- demand- will be low, so you have to take on less than desirable tenants, which are costly and time consuming. 

This includes converting it to a rental property or refinancing into a different kind of loan. 

The good news is that these properties can indeed be purchased for various investment strategies, including rentals, BRRRR (Buy, Rehab, Rent, Refinance Repeat), or fix-and-flip projects.Purchasing as a Rental or for BRRRR:You can acquire a Freddie Mac home to hold as a rental property or implement the BRRRR strategy.

Even if the units you tour aren't the one you eventually buy, walking around the area and getting a feel for the property types will help you be a much more informed consumer when you are ready to pull the trigger. 

32k or even 42k on a half million dollar house doesn't sound all that good.What's your projected cash flow after all your expenses including a likely higher mortgage payment than the current owners?

But I agree with @Stuart Udis - when making offers on occupied rental property, I always review the Financials including the RR & T12.

What should the "ideal" comprehensive check list include?