I'm looking at it from a "minimize expenses" perspective in order to get into the game and learn (hopefully break even)  then build from there as I've been looking for well over a year now.To complicate matters, I'm also looking for private funding to make it happen so if you're able to go the normal route, more power to you!

Having a GC picked out makes this process MUCH smoother because as soon as you are under contract, you can schedule a walk through with your GC and have your formal work bid in hand within a day or two, then your loan officer can prepare your loan app based on the formal work bid and proceed as normal. 

If you are having trouble getting a loan now, I would definitely not recommend getting in to a situation where you owe a hard money lender a balloon in eight months, that sounds like a HUGE gamble.

Can I deduct anything special against it or is it treated like my normal W2 income?

If you adjust the numbers to more normalized percentages this property won't look as rough. 

For me, constantly watching and moving investments is gambling...

I agree along the lines of @Peter M. in that there are a slew of landlords that will use a deposit for normal wear and tear.

I normally listen on my drive to work @ 1.5x speed but started it again regular speed just to take notes. 

The needs of real estate investors are very different from the needs of "normal" insurance clients who just live in a house they own, and drive a few cars.PLEASE, for your sake and the local market as a whole, only work with insurance professionals who can demonstrate a deep and thorough understanding of your needs as a real estate investor. 

I was told the payment for electricity would still be with the current provider at normal rates BUT the 3rd party company would send me a monthly check for allowing them to get solar energy from my roof.