Lot's of lenders will want local (boots on the ground) to feel comfortable doing a loan.  

Do not use American Money Loan Services or Tom Vanderlaan.  

This allowed me to get a construction loan to repair the other buildings and repay my investment into the property.

But that extra $7200/year will go a long way in paying down your loan faster, build up another downpayment fund, pay off other debt, etc. 

College used to be a lot more affordable, I studied in Europe (where college is free) and it blows my mind to see kids with 200k student loan debt trying to get ahead on a 50k job.The housing market has started to drift apart geographically.

Investors may like the income on the spreadsheet, but the appraiser for a traditional loan won't care.

I have found some information that might be helpful John.There are government backed programs like Fannie Mae Homestyle Renovation Loan and Freddie Mac Home Possible Renovation Loan, in addition to the FHA 203k loan. 

You should speak with a CPA and a tax attorney to be safe.Regarding your thoughts about 1/3 equal splits - sounds good until you check out the cost of getting a DSR rehab loan or borrowing hard money.

We currently own 13 rental properties and have paid off all loans/mortgages including our primary residence. 

Between Oregon and AZ residential and commercial we have around 23 units with only a couple of small loans.