Each agency has slightly different criteria and limits but the process for setting rents is roughly the same and has 2 components. 1) The tenant voucher is based on the tenant’s specific finances and number of people within the family unit.  

Renovation cost is roughly $30K.I guess what throws me off is that you say Cash invested: $60 

Let's roughly say running electric line is $10kInstalling underground propane tank 1000gal is $10kWhat's your experience heating with gas vs electric in terms of warmth?

Laminate flooring in main areas with carpet in the bedrooms. 4 bedroom, 2 full baths, and the basement will have a full bath roughed in as well as a wet bar rough in. 1 egress window in the basement for a future bedroom.

I was planning on the selling the land in 5 acre tracts, so each tract would roughly sell for approximately $100k.

But this was an awesome opportunity for me because this is my first living situation where I will be on my own (and getting used to paying a rent/mortgage) but this will put my overall mortgage on a 400k house at roughly $2000 a month for the first year!

If no exchange, it is my understanding that they would be paying capital gains to about 750K ($1M minus depreciated value of $255K), which would be roughly $120K, plus $25K for the recapture tax, that is $145K in taxes, or even more, as you pointed out. 

Just make sure to fully understand the loan terms, especially the interest rate and repayment schedule, so there are no surprises.2.Condition of the Property: If the property isn’t in really rough shape and you were able to get insurance on it using a 4-point inspection and wind mitigation, you might even qualify for traditional funding options like FHA, Conventinal, VA, a cash-out refinance or a home equity line of credit (HELOC).

Now let's say I find a triplex that covers the 1% rule but combined cash flow from all 3 doors is roughly $150-$200 or would you want to keep it at $150-$200 cash flow per door with the 1% rule applying? 

If I didn't use Velocity Banking, it would take me roughly 6 years (6 years and 2 months) to pay off $50k in principal.Using Velocity Banking, I can put $50k down immediately on the principal.