I could be wrong.What you tell contractors is: if you do not separate labor from materials, then I have to report my ENTIRE payment, L&M, to the IRS as your income, and then it will be up to you to deduct materials from that income on your end. 

However, with a SFH you will lower your standards when vacancy arises more than one month as you have no income coming in to male that payment.  

If one project slows down, others can keep moving.Stagger Projects: Start planning your next project while finishing the current one to keep your pipeline full.DSCR Loans: These loans focus on the property’s income, not your personal income, which can help you finance more properties.StrategyFlip and Hold: Flipping one property while prepping another for rental keeps cash flowing and builds your portfolio.BRRRR Timing: Since BRRRR is slower now, using DSCR loans to get multiple properties might be a good hedge.Good luck with your flip and future investments! 

My endgame is to end up with $300k/yr in post-mortgage income in 20 years based on investments I make now followed by continued investments over the next 10-15 years own.

- The property is probably NOT as profitable as you think it is.More reality for you - how are you going to cashflow enough from leveraged rentals to replace your current income?

Last thought (mainly for future readers), you may be talking about the 1 year FHA history if you have variable income.

If CA median household income goes too $200k+, MN's will not sit at $110k.

@Ben CallahanRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

That can be excess income from your W2 job, or it can be a business you run on the side.

The house I will get is in a lower income area, currently worth $95-100k, and she still owes about $25k on it.