.,  to get it where I want it while still preserving my profit ratio.

It has a decent cash-flow, but far less compared to the equity locked in that home when seen from mid-west or Florida kind of locationsI am still trying to refine my strategy as I get ready to make my next investment move by end of this year and hope to nail it through interaction with experts in this forum.

In the meantime, you can make any repairs necessary to preserve the property.  

I think you nailed it on the head already... differs from lender to lender for sure... my experience has been that it needs to be 12 months of rental income on your tax return so it would depend on what month you start renting it.

As I understand, the "click" versions are not nailed to a subfloor, but tongue-and-groove glued together designed more for DIY. 

He nailed it. 

So if your objective is to preserve cash and you are ok with trading off a little equity then it can be a good approach. 

Ask him if he had found any major problems that he took pictures of, if there are only minor things, cracked glass, cracked tile nail holes etc. don't even bother, if something major then it be be good to have to document and use for negotiation.

Generally, if the tenant is willing to accept $500 or $1,000 and save you the expense of filing for an eviction, that is a better option and also serves to preserve the condition of the property. 

So as a persons net worth grows the desire to preserve the wealth with safer assets and lower cash on cash takes precedence over higher returns.Once you make it to where you never have to work again you do not want to lose all or most of it chasing anticipated high yield assets with too much risk.