Are you anticipating other advantages to using an LLC? 

Before I apply I would anticipate this outcome and I may proactively communicate to the head of the Program Administrator on special circumstances to argue in my favor.   

I do have a background in legislative democracy as it interacts with the judiciary but I'll leave that for the moment.

I add a human element to my tenant/landlord interactions.   

You don't mention how much you think you will net on this once you turn it, but for us we always anticipate estimates going over, and we don't even consider doing a deal unless we see netting $50k on the deal... so $10k over still means netting $40k.

I have to extrapolate a few things... but can I assume that you anticipate putting zero money down?

It's also possible that those houses were not updated and people are looking for no-hassle, move-in ready homes, so I'd make sure to look very closely at houses with the same features that you're anticipating for your rehabs since, like you said, there may be more or less of an appetite for nicely rehabbed homes in Vermillion than for a run down "fixer upper".

You basically want three data points: current list price in current state, anticipated list price with remodeled kitchen and bath, and cost to remodel kitchen and bath.If currently you could make $40k.  

I am moving out of state for a job and anticipate it will be very busy for a good 6-12 months.

Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum.