If not, then the 75% rule can apply but only to offset a maximum the housing expense for the subject property with no additional overage to help your debt to income ratio. 

I paid 220k for the house and put 50k into it and would likely sell around 380k-400k.

I do love old houses so much!

my house rent would be 2300.

Similar green energy investments could be considered if you can make the numbers work (credits on some types of low income housing can be north of 50%).Depending on how long these properties have been held, they could consider implementing cost segregation studies via a change in accounting method to accelerate some depreciation.The operating proceeds could be re-deployed into new properties where cost segregation is an option to accelerate depreciation to offset proceeds.If the properties are low basis and we are not maximizing the 199A deduction, maybe considering an S-Corp structure for management to be able to participate in retirement plans and also generate wages to use as a 199A base. 

Some houses are just better for one than the other. 

I have seen builders in OKC that were fine making 10 to 15k a house.. but they will slam 100 of them out in a year so they make 1 mil to 1.5 mil profit and seem to be happy with that..  

Purchasing a house in Bremerton, WA but we live in Nevada.

There are very good books on flipping houses, you can order them here on BP.

Purchase price: $75,000 Cash invested: $125,000 Concrete House 4 Bedroom 1,700 Sqft. all Renovated, in a 5,000 sqft Lot.