I was wondering what all does the 203k loan cover?

Every time you acquire new property, you should maintain a reserve to cover the inevitable problems that pop up like vacancies, broken furnaces, or a tenant that trashes a unit and decides to leave three days after you close on the latest investment.In this case, I recommend giving them a very small increase, even $25, to avoid the vacancy.

I have many pictures of the renovation process if anyone cares to see them.

It isn’t my job to cover their employees salaries.  

At that price, I'm assuming you have some major rehab to do, but maybe not.Not an accountant, but from my own research if you use the IRA you need to have enough in that IRA to cover all the property expenses.

With that said, the brrr strategy may not offer much cashflow if you refi out at 75% of 360K, 270,000 mortgage would be covered by the 2100 rent but not by much.  

That is only $40 per month set aside for vacancy costs; it would take 10 months to have enough set aside in a "vacancy reserve" to cover the costs of just the mortgage payment for ONE month.

So if you make an inflated offer including closing costs and the property doesn't appraise, the deal has to be renegotiated if the buyer doesn't have the money to pay closing costs.You can also take a slightly higher interest rate in many cases and get a lender credit to cover closing costs (or a portion of costs).  

Having 3x income to cover rent is a rule no matter where they are.

I don't know that I've ever met a 1st gen African LO, but I've met 1st gen LO Russians, Latinas, Brits... and to the extent that African accents are associated with "Nigerian Prince" schemes, note that the overwhelming majority of LOs doing shady things circa 2004-2007 had accents identical to what you would expect my accent to be based on my profile picture, so you certainly shouldn't assume that I'm not shady based on my accent any more than you should assume someone is shady if they have an accent that sounds African.