The apartment is in good condition, with wooden floors and a standard kitchen.

Also any questions you'd be asking yourself would be a big help too.Additional context:- buy and hold w/conventional 5% loan;- refinance w/in ~24-months > move and repeat processThanks in advance!

Tell the loan officer what you plan to do, what type of down payment you have, and what kind of loan you want (conventional, FHA/203k (house hack) etc.).

The IRS doesn't care if you bring your own cash to supplement or if you take conventional mortgage or hard money. 

If you're planning to sink $30,000 in rehab costs into the property up-front, I'm guessing it won't qualify for a conventional loan right away, and that you'll need to initially borrow from a hard-money / portfolio / private lender at a (much) higher interest rate, and then refinance once the property qualifies for a conventional loan.Lastly, nice job being thorough in your expense itemizations. 

Many of these are non-warrantable, meaning the percentage of investors is high and you can not get conventional financing (though you can find portfolio lenders).

The conventional market is just below that with a great score, so if you can get that with a 550 and no doc then you have my attention.

@Scott Sambrook Typically the conventional mortgage guidelines will allow you to use the new value after 6 months. 

Probably what is killing the deal is the down payment that would be required. you could not go FHA or VA so conventional would be the only choice. 20% down would be almost 400k!

@Lynette Gryniak expect that, in general, nearly all underwriters (conventional or government guaranteed) are going to want to track down the original source of funds for the previous 60 days that are larger than about 2% of the total cost.