My objective is not to minimize the risks or misrepresent the offering -- just to explain what it is in a way they will understand.

I don't think such thing exists as in US, check with your CPA, Accountant for ways to minimize taxes in Canada, as laws are completely different. 

Rehabbing from out of state can be a mess and I would always recommend either avoiding that or minimizing work to basic cosmetics.

Closed quickly with minimal repair issues.

It's why property management exists - to make sure that during those periods of nothing going right, the effect on your OWN personal daily life is extremely minimal.

And how much profit would you accept minimally per flip?

I plan to be married to my girlfriend after graduation and she is planning on going to graduate school to be a clinical psychologist, so I am roughly estimating that for the first 6 years after college she will be making minimal income from school stipends.

The appraiser can move through quickly and take the minimal notes and photos they need without touching anything -- they can get measurements and do all of the rest of their work outside. 

So it may be minimal or it may be alot, depends on how high your balance goes. 

There's no way to avoid ridges completely, but the goal is to minimize them, then knock them down by hand when the compound is dry so you can minimize sanding.