This theoretical 6-bedroom would be a 2-family home that is in solid shape but may benefit from a few one time renovations.  

If it is a clear mistake like that, the appraiser should adjust it.

@Nicholas MischIt's a shame your lender didn't let you use your VA benefit, you earned it. 

Do you feel it is better to just go it alone so you don't have to have the issues of a partnership or do the benefits out weight trying to do it all alone?

However- you mentioned you would be flipping, so you would lose the benefits of an S-Corp if this is the way you end up going.Finally- I don't know how NM is with this, but in Indiana, the health insurance options for a 1 person company are a joke.

I know there are a lot of rules a SDIRA needs to follow to fully take advantage of the tax benefits and make sure you are in compliance. 

Once you know the current condition of all major components and appliances you can adjust the amount of reserves requirement.  

How can I gain benefits from reading a real estate book?

In addition there are a host of other tax benefits and deductions which you would be entitled to claim depending on your income.

Its valuable experience in renovations, landlording, and provides some great benefits (like offsetting your mortgage).There is nothing like empirical knowledge, so get out there and try.