This will have additional items that may be required .  

Your personal deductions, whether you itemize on Schedule A or take the standard deduction, will not be affected by your investment.First time home buyer credits are only for owner occupied property, not for investment property.

And what if a section of flooring, or a countertop, or some other item in the house just needs a good clean instead of needing to be replaced?

Expenses such as mortgage interest, legal fees, property taxes, r&m, insurance, advertising, realtor and depreciation are items that would offset your rental income.

Working on a flip property and we have just a few more items to do so I put up a for sale by owner sign out front and a week later we have someone pre-approved for a FHA loan and working with a realtor.

I think your wise to install a new roof, you can take the cost off your taxes and it will only add value to selling price, and it gives the buyer the peace of mind that they won't have to worry about a huge ticket item and shows your maintaining the property..Water  heater,, is a no brainier..

Below contains a few items that stuck out to me.Financing - Getting 1000 mortgages is impossible.  

Well, the main item noted is higher cash flow but that's a fallacy.Regarding risk, there are many ways to maintain higher leverage without significant risk.  

I'm not saying don't plan on spending nothing while you are living there, but that those line items for vacancy, repairs and capex are safeguards.

That includes rent increases above the allowable amount if the tenant agrees.The LTB requires that either Cap expenses are made, you provide a new service, facility , privilege or thing (item) to increase above allowable but that only matters in the case you impose the increase and the tenant fights.