@Ean BassThat does indeed look like a good deal from the description.

Don't limit yourself geographically.

Let's continue reading:...Notwithstanding the preceding sentence, any tax (not described in the first sentence of this subsection) which is paid or accrued by the taxpayer in connection with an acquisition or disposition of property shall be treated as part of the cost of the acquired property...Don't you think that this is the description of the initial rehab on a rental?

Do I need to hire a designer to get a "rough draft" for the banks to see or do they just need numbers along with a detailed description on what it is and the cost of it? 

Is the ad description lacking...does it include enough detail?

It's defined by all the lenders in their descriptions of the program.

I had included a brief description of assumptions with the post, for some reason it does not show.

Based on your description of having done two flips already and planning more, it sounds like Sch C for you.

I primarily invest in Baltimore, MD so would love to hear about online real estate events that are specific to that geographic area.

@Collin CorrintonOutside of times like we are going through right now, on the commercial side there are banks that would hypothecate a note but for owner occupied that is extremely rare due and if you could find a lender it would need to be specific to a certain geographic area.