Check back with me in a week or so, as we should have the property nailed down in the relatively near future. 

My advice to you is to polish your skill set and refine your goals.

It has a decent cash-flow, but far less compared to the equity locked in that home when seen from mid-west or Florida kind of locationsI am still trying to refine my strategy as I get ready to make my next investment move by end of this year and hope to nail it through interaction with experts in this forum.

I think you nailed it on the head already... differs from lender to lender for sure... my experience has been that it needs to be 12 months of rental income on your tax return so it would depend on what month you start renting it.

As I understand, the "click" versions are not nailed to a subfloor, but tongue-and-groove glued together designed more for DIY. 

He nailed it. 

Ask him if he had found any major problems that he took pictures of, if there are only minor things, cracked glass, cracked tile nail holes etc. don't even bother, if something major then it be be good to have to document and use for negotiation.

Sellers aren't always convinced by slick, polished "pitches", investors who claim to be there to "help" them, billboards telling them that the company buys ugly houses, or computer generated offers at 85% of market value.  

@John Chin basically hit the nail on the head.I don't think you can discount the impact of laziness, either.

It's costing us upwards of $3,500 to reverse.But the real nail in the coffin is that we suddenly had the county inspector rock up at our house and red flag it saying that they were notified that we are having "unpermitted work being done in our kitchen"?!