@Ted DavisYour wife may be entitled to the home office deduction if she uses the area regularly and exclusively for her business.Items that go into the deduction are rent(depreciation, mortgage interest, home insurance, real estate taxes if you own), utilities, etc to calculate the home office deduction.It can be a big deduction so many sure your accountant factors that in.

One of the first things you will want to do is figure out which utilities you have to pay and how much they cost. 

The rehab will be in draws so you don't pay interest on that money until you utilize it. 

I had a buyer back out at the last minute.

Question regarding SWITCHING UTILITIES: -Duplex is not sub metered, One meter for home.

Utilities $200.

I live 45 minutes from Greenville and invest in Columbia, the state capital which is about an hour and half away from Greenville. 

I also factor the insurance, hoa dues, garbage collection, snow and lawn, utilities, advertising, maintenance/repairs, CapEx, and property management.

In the meantime of you looking for deals, you need to be stacking money as quickly as possible and another good thing you do with the FHA is utilize a 203k loan in which the rehab related expenses would be funded and this would be wrapped into your mortgage.

My first home was a 203K about five years ago.