It sounds like you would be purchasing as a "foreign national".

This project took about 4 months to complete and we have had it rented out since the middle of Sept

That may sound pretty good...until you discover that their net worth is decreasing at a rate of $2 million per year, and they've got $100 mil of adjustable rate debt on a portfolio of D class properties that forces them to work 80+ hours per week just to keep the whole thing afloat...Investor B tells you "my net worth is $1 mil" --to many successful investors, that sounds like a relatively insignificant net worth...but, investor B owns a portfolio of A class properties with zero debt, professionally managed, their cashflow is $500k per year, their net worth is increasing at a rate of $1 mil per year, and they only have to work about 1-2 hours per week to keep their machine going.Personally, I'd MUCH rather be investor B than investor A, even though investor A's net worth is 10x of investor B's.So yeah, tracking net worth is advisable, but it's only a small part of what an investor should be tracking and modeling, and net worth alone might not be very indicative of an investor's success.

@Mike Dymski I wish I could do something like 20% going forward but these days not sure how to go about that without lots of work which does not sound appealing.

This proved to be another amazing turn of fortune since not only was this general contractor able to complete the work at a fair market value; the work itself was extremely high quality and we couldn't have been happier with the outcome.

I've never used one, but from what I've learned rates usually move into a 30 yr fixed after the rehab is complete.

But again, I'm here for advice and if that all sounds terrible, I want to know! 

Sounds like a good plan - from a financing perspective, its a good idea to start researching now - for better or for worse, a lot of lenders view 1st time investors without a primary residence with a owner-occupied mortgage as a flag and might limit some options

If you have had long term tenants you have until July 22, 2024 to complete this and remain compliant.

I am just beginning in real estate investing and this sounds like an awesome idea.