Going forward, if I invest another dollar in a flip, it will be working/partnering with one of these other local guys I've meet on BP, or somebody else that has demonstrated some skills and a track record.And anyway, none of that matters now. 

While we're in the flood zone, our properties are being built high enough off the ground to qualify for an exemption insurance-wise in the zone.

If you use the personal car, make sure to keep detail record so that CPA can prorate the expenses between personal and business.19) Any equipment you rent for the rental business.20) Mortgage interest and property taxes21) There are many others and depends on specific situations.22) Home office deduction:Also, If your home qualify for a principal place of business for RE activity, any mileage to any rental property is deductible.

They stated that I would qualify for 85% of the new appraisal value and that it would season immediately no need. 

Now, that may not sound like a lot to some and I have done bigger deals, but the point is, this is the only business I've found where you can make that kind of money (legally) in less than 72 hours that doesn't require any special skill or hard labor. 

But we'll have to do it by the end of the year to qualify for the exemption.

I don't really understand the $100k to purchase, please explain to this newbie and help me hone my skills. 

In my area in Northern Colorado, there are cities that you would not expect to qualify for USDA loans like Windsor and Wellington that you can use the nothing down USDA loan in.Beyond the VA loan to invest in multi-family you are probably looking at creative financing strategies like marketing to find sellers that are willing to do stuff like owner financing, wrap financing, subject to, lease-options/lease-purchases, installment land contracts or the like.

If you’re single you might sell that SFR and try house hacking a local fourplex, I have a couple friends that started that way as it was easier to qualify and expand. 

You might qualify for more than you thought, like me!