Where I'm at, nail holes to hang objects are considered normal wear and tear.

Since my friend lived there for at least 2 out the past 5 years, he qualifies for section 121 where he can write off $250k profit from the sale of a home.

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If I were new I would simply stick to areas close to where I live.

Galveston, south of Huston has a strong demand, and inside neighborhoods where there is hotels at a distance.

The substitute of collateral was more of a scenario where you sold for $155K, and instead of paying off the $88K loan in your scenario, those funds stayed at the title company and were used on a cash purchase happening nearby in date. 

I live in Fl. where insurance is pretty costly but I am also investing in states where insurance seems less expensive.

Obviously it is always a good idea to respect folks time, but find someone who also has skin in the game, investing where you are investing, can talk about their experiences, and also has built a network of folks who can support you after the transaction as well. 

Michigan is a state where lenders will lend 100% of the rehab and 75% - 80% of the LTV. 

WHERE ARE WE GETTING THIS NUMBER FROM?!?!?!