Or a potential flip profit of around 25k-30k.My plan is to save money over the next year while this lease is in place, then get in there and renovate it as quick as possible next summer. 

This is big and combined with the gain exclusion is essentially a double dip of tax savings!

Even when you aren't getting cash, you are still realizing tax savings from your W2 job each month. 

It will be similar to using a low cost redfin agent, they only save on sell side commissions though.  

This would save on space in the compact areas meant for securing personal belongings and sleeping. 

You can save on that while you are living there -- but if you plan on holding onto the property and moving away -- you will want to plan for the management fees in your original proforma.Good Luck!

Reserve funds usually aren’t a problem assuming you are saving for retirement at a job as I’ve always been allowed to use 401k/Roth’s as reserve funds. 20 loans ar available if you get 10 and your spouse gets 10 each individually. 

I think my next house might require $200K going this route which would take me quite a long time to save up. 

I purchased my 1st duplex almost 2 years ago and in that time I’ve had some financial issues that wiped most of my savings.

Assets: This will be liquid assets such as checking/savings, 401k, IRA’s, stocks, etc.