Then go to as many REO properties as you can and practice your skill set.Here is some more info that should help you: Break up the home into sections - Kitchen, baths, flooring, paint, stucco, landscaping, plumbing (including fixtures), electrical (including fixtures), HVAC, interior doors, door casings/baseboards, windows/sliders/front door, roof, foundation, misc., and garage.Once you know what the common costs are for each area for a specific size home, you can see how easy it will become to walk in and walk out 15 minutes later with a rehab figure in your head.

Also, it seems stupid that the condo interior costs more than fire on a single fam. dwelling.

At some point, most stop using family, some never do.If you are serious about not using your family and thier money, then design the loan so that it does what is required to do.

I simply relied on my attorney to designate the closing company that could process the deal.

It's not clear in the post.You may want to ask the loan officer about an execption on this designation which the lender may be willing to work with if you can prove to their liking it is indeed going to house your family most of the year.

My wife and I are meeting with a consultant next week to review layout and design ideas as well as furnishings. 

This isn't exactly true for NYC construction - I will assume this is a townhouse by the size of it - in NYC, gut renovation generally refers complete interior renovation, while the exterior remain intact.

I update the interior with a timeless look and the location of the property made it even more desirable to potential buyers.

SBA loans are designed to help small businesses obtain financing that may not be available through traditional lenders, such as banks.

If not you can pay for a study performed by a holder of the CRE designation or the MAI designation.