By your account, any answers from BP contributors to your questions would just be interpreted as "gossip".Seeing that none of your questions require feedback from actual boots on the ground, why bother asking us questions that you can find by a simple google search?  

- what does the house inspection look like and how the heck do I interpret it to determine what's important and what's not? 

Couple that with falling rents and guys in the real estate business shedding their properties made me nervous about the market in Midland/Odessa.I'm new at this & obviously not an insider with respect to any housing market, but am I interpreting things about Midland/Odessa market incorrectly?

The one possible method I’ve heard is to add value to properties which I interpret as renovating, adding square footage.

Left up for interpretation?  

in your experience, which one of these interpretations is correct?

It's not the most ideal loan product because the interpretation of an investment property is very subjective.

@Ryan Keenan you may want to go back and listen to BP Podcast Show 301 with @Alexander Felice In it, Alex talks about how he interprets Fannie Mae delayed financing guidelines to 'bake' rehab costs into the final closing statement at initial purchase to allow for a cash-out refinance in less time than is typically required for seasoning. 

I think seeing 20%+ IRRs on those acquisitions is entirely possible.But my interpretation of @Sanjoy V.'

If you didn't explicitly say "I want it horizontal", then it's up for interpretation.