When I met with this listing agent he said some of the MTM leases weren’t originally included in the rent roll which was great because we would be expecting to get more than the NOI we projected.

Just have to roll them into the analysis, like you've done.I would have dual tracks going to satisfy your new housing needs. 

My family and I purchased this single family home pre-foreclosure and saw the potential for a large profit with some basic upgrades to kitchen, floors and bath.

I currently have a pre-approval letter for bank financing and could potentially have around $20k to make a deal if there were one to go for that price.

And to clarify, I mean pre-investment.

Sounds like you have the right things in place to start, i.e. a plan, an agent, and a pre qual!

Remember if she does a 1031, then it could not be rolled into a primary residence. 

I wanted to walk the appts and have the rent roll and maintenance records before I made an offer.

Hi Adam, its stated that one should not trespass on the pre or foreclosed property or trespass at all, but to get ahead of the big fishes on a great deal you could be polite and go door to door, this would put you ahead of other bidders since you know what needs fixing. 

All with 15% down based on purchase price + rehab dollars using ARV from the start AND projecting future rent to allow you to get 75% of the future rent as extra income to qualify for the loan; 30 term, rates around 6% these days, no pre-payment penalty so you can sell when ready and repeat.