Since I'm based in Tampa, I don't look outside and compare markets. 

Hi Ryan,Typically construction financing isn't based on your taxable income and rather more contingent on your experience, FICO and the deal itself.

If a single-family owner-occupied property is worth $400,000 - I wouldn't invest more than $280,000 (70%) in a note secured by the property.ITV takes priority over desired yield - so even if the note discounts to $350,000 based on desired yield, the investor still won't go beyond their maximum ITV. 

I don't remember the exact cost when I did it but I remember thinking it was cheaper than expected.I didn't see a comment mentioning that you should just include utilities in the rent and increase it based off that so I'll be that guy.

Here are a few thoughts based on my experience:1.

It would still be based on the revenue it produces.

You should consult a tax professional for an answer based on your unique situation, this is not tax advise just general information.

Based on the continuing research, wholesaling property wouldn't be the right strategy. 

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. $360k equity (based on your estimated loan balance and estimated transaction costs if you sold, this is not calculating capital gains taxes but that would reduce your equity down to about $310k if you sold without doing a 1031 exchange). $8k cash flow (this will increase over time because you are in an appreciation market). $6k principal pay down (based on your current loan). $20k appreciation (based on 3% which is conservative, 4-5% is the historical average).