I second/third the idea of getting more tree bids.

In addition, the property after value add is likely to have initial cash flow and, if I am correct about the continuing rent appreciation, the cash flow will increase each year while my fixed financing is constant (a little variance due to escrow holding). 

Having a PMP and Lean Six Sigma Black Belt certification have helped me create a process-oriented approach to executing strategy and analyzing data to prioritize initiatives as well as course correct well before issues become catastrophic.

I just put a bid in for a property for someone else on Friday.

Do you get your bid deposit back if you don't end up purchasing the home?

You're correct. 

depends on the area and size. central MWC (reno to 29th and between sooner and douglas) is correct, but there are definitely some pockets there that can score over $1k (north of reno before 10th between sooner and midwest blvd, as well as east of douglas in carl albert school district).

I had a couple bids for plumbing (rerun supply lines in pex from copper as mentioned above and set fixtures) for $6,000 to $8,000.

Am I understanding correctly that we’ll owe ordinary income tax, but since we’re living in the property, we -won’t- owe self-employment taxes?

I am still interested in the property but given the scope of the repair, I'd like to get a couple of estimates from contractors first so I can factor them into my bid.