I feel like you have more room to hold them accountable to a certain level of work and have clearer boundaries. 

You're analysis is right from a very high level, but there are many lower level costs that you're not considering, that Bart illustrated.

We were discussing rehabbing our first level and decided to get a line of credit in order to pay for the rehab.

In general though, from a sheer high-level observation, I have been noticing all the real estate apps on my phone notify me of "Price Drops" more often than in the past. 

I use the following method:Pull compsGet potential rent numbersGet a scope of work (costs & to-do's)Ask yourself what a realistic ARV is.Ask yourself what level of rehab it will take to reach ARV target. 

We’re going to keep some of the ccs open just to keep our credit rating at the high level it is now, but not use them (except the occasional putting a large purchase on one to get miles and then immediately paying it off).If those are the family memories that meant the most to you - that’s awesome!!!  

The main thing you want to do is an adequate level of due diligence to so you could have an Innocent Landowners defense if any environmental contamination was to show up in the future.

Would I use the high-level rule of 50% of gross income for expenses and see if mortgage will cover the rest?  

It has 3 levels of coverage.

We were discussing rehabbing our first level and decided to get a line of credit in order to pay for the rehab.