If you rent more than 3 years, you'd no longer qualify for the homeowner credit when you sell, so you'd owe capital gains taxes, depreciation recapture depending on how long you hold it unless you do a 1031 -- just gets more complicated.  

It's a way to get cash flowing in while work is still being complete on other, more complicated units. 

Farms by their very nature are a niche market, a whole life style and the improvements (house and out buildings) are only a portion of the evaluation.Sticking with crops only, there's a value/acre on the crops.Glad you understand all these complications, as us city folk can only appreciate the pretty pictures.

House flipping takes a lot more work than people typically envision, but is also less complicated than you might be anticipating.

Plus, the commercial properties are more complicated than residential properties, typically.  

I wouldn't over complicate things if you're just starting, sounds like the real issue is the formula you're using to determine your offer...Instead of the 65-70% rule(s) try this: 1.

It's a very complicated loan process.

They will be a lot more complicated this year.

Lending being as complicated as it is, I would certainly visit any potential lenders and see what they have to say on the subject.

You're right I could see how that might get complicated and would need some assumptions.