@Ngozi IwunzeOne way to avoid capital gains is to turn the flip into a rental after the rehab and then do a 1031 exchange into a more expensive property. 

We have previously tracked all expenses manually in google sheets and produced financials statements manually, also in google sheets.  

I too have never heard of a requirement that a closet needs to be present to be called a bedroom, it is too funny.

@Nathan Johnson "Our savings are minimal, since teaching isn't very lucrative and life is expensive."

Newer septic rules also require enough land for two septic tanks per each one you are required to install.

Have you confirmed with BDS that parking will not be required? 

Quote from @Calvin Thomas: Isn't electric a lot more expensive? 

And it could take even longer than 6-12 months to find a replacement depending on the area.The other things to look at carefully are major Capex or maintenance expenses - you didn't mention whether this was a NNN lease.

The bathrooms are very narrow so I was wondering if there's a requirement to have a bathtub.

As you may have found in your search, there are lenders that will lend up to 80% of the appraised value on investment properties and don't require an appraisal.Let me know if you'd like me to point you in the right direction.