Since this will be our first investment, our main concern is cash flow.

That being said, as long as you live in the property for 1 year(Normally the lender will have you sign the Letter of Intention) you should be able to do whatever you want with the property after that...like renting it out or selling etc..You can also buy another FHA mortgaged property as long as you sold the previous FHA property or refinanced into a conventional loan.

This is one of the larger empty commercial lots very close to a highway, but just behind the main street. 

I have came across sellers with the intention to wholesale their properties.

There aren't many 2 car garages in the area that are this usable (some are mostly unusable).Initial Repairs: $7-10k (mainly new paint, carpet, lower cabinets in the kitchen, glass block in basement and upstairs bathroom, updating bathroom)Expected Rent: $700/mo (probably doing Section 8)Expenses = $310/mo (based on items below).10% Property Management: $70/mo10% repairs/maintenance: $70/moRE Taxes: $35/moInsurance: $57/mo10% Cap X: $70/moI've used different real estate calculators but since they ask for the information differently I seem to be getting different numbers for my cash on cash returns and cash flow.

The main thing is to be proactive and transparent- hire an exterminator to come and secure the property from any intrusions and set traps as a precaution (be proactive - rats and mice will always find a way in if there is one).Try to get an idea of when construction will end or at least when the demo phase will end.

My own work has not had dramatic fails, mainly because I don't rush it.

They will code the property, the category it belongs to, and pass that to the accounting department.If you hire a general bookkeeper, you might see that problem of coding it completely wrong versus someone that focuses mainly on real estate.To give you a bit of an insight, I am a developmental controller and I am currently handling over $200 Million in transactions for residential/developments. 

(Applicants will sometimes give the number for their friend or family member who then poses as the person you think you're calling.)When calling the applicant's work, I'd recommend calling the main, publicized number for the business rather than the number the applicant provides. 

I will be mainly relying on homeunion to take care of my property"..... now in 2018, nothing in Boston surrounding areas makes a lot of sense anymore.