One potential disadvantage - you are converting items that are normally exempt from self-employment taxes to potentially being subject to the requirement of wages / self-employment taxes.One potential advantage - potentially being able to have earned income eligible for retirement account contributions.

Got a call today from my lender stating that the appraiser mis-reported a few items (he/she recorded it as a 1 bedroom vs 2 bedroom + loft & pulled comps from 2012 that aren’t even relevant).

For a more conservative estimate I would go in planning for unforeseen items and would instead assume the walls cost @ $72K (20% overage) which would be @ a 32% return instead - which is still great!

Any other tips on individual items I can write off during a rehab?  

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So in any 1 hour I can have, in a way, 10 different potential action items but each is prioritized so when I get A done, if time remaining, I have a set B, then C and so on. 

Through the years there were several major items that needed to be fix, HVAC, water heater, and some minor items.

Nevertheless, I'd like to have a reasonably reliable formula that I can use for (my analysis spreadsheet generally and) a property that I have that has a lot of deferred maintenance (short of doing a full itemized analysis).  

Don’t skimp on cheap items like decent fixtures, etc.

Figure that is your DP, closing costs, rehab, and all the other cash items that happen upfront.