There are no templates that I am aware. 

As you are well aware of.Will your property Cash Flow once you move out without Refinancing?

In case you haven't read them yet the books by @J Scott  "The book on Flipping houses" and its mate "The book on estimating Rehab Cost" are the most comprehensive books on rehabbing that I am aware of and will be more than helpful on answering most if not ALL of your questions.  

The owner would be aware of all profits from the get go.

I am aware that it is certainly not an ideal situation, but do we not have to do less-than-ideal things when we're first starting out?

I am not aware of the rental market you are looking in but $1,200 for a 2/1 in most California markets is low, Square Footage being a big variable here.

Give them a war zone location in East St.

A deal that passes the "2% Rule" will peak my interest every time, especially if it's not in a war zone.

In all cases, hudhomestore.com was the site that we used to place all bids as the buyers realtor and is the only site you need to be aware of if you want to get the most accurate information on HUD homes.  

I came across Newburgh NY and looks like theres plenty of potential up here, though I've read that its a 'war zone'.