Further, it would seem that your plan may have some components of mortgage fraud, although I’m sure that’s not your intent.But back to good reasons and bad reasons for partnerships.

You need to break down the cost into its component line items for others to understand what you are dealing with.Some items you can choose (points), some you can shop for a provider (title insurance), some you are stuck with. 

Writing on cabinetry or any other long-term component is without a doubt property disrespect.

Rental income 3000 ($1 - $1.25/sf per local property management, NNN) Tax 55 (Tax records) Insurance 80 (Estimate) Vacancy 300 (10%) Prop Mgt 300 (10%) NOI 2265 Local CAP 7% Value 388285.7 Am I missing any key components to my calculations? 

I think you should talk to your future wife and align on goals. 

However if development is your goal, IMO the shortest distance between where you are now and becoming a developer is to get yourself aligned with a developer sooner rather than later.Architecture is a critical piece of the development process.

With a properly prepared cost seg study with component level costs, you can also identify the rehab components for disposition/abandonment expenses.

Like where is your cash coming from (is it from a pending lawsuit, lol)  and how long do you plan on renting the home out, how much is your cap on spending and is it in alignment with the market? 

If you change due dates for tenants because it "aligns with their paycheck better", you can almost guarantee that they'll still pay rent late.

Here, locals and tourists use "Airbnb" to mean short term vacation rentals because they've built a strong brand and if STR companies don't align themselves with these companies they'll just be taken out by someone else closer who will.