I like cosmetic rehabs as they are easy wins and a great way to gain experience and understand designs and rehab costs. 

If there's any chance that you and your wife lived there for 2 years in the last five, just sell and take the gains tax free!

Hard Money & Private Lenders tend to want to see a successful track record and/or a substantial down payment so keep saving up and look for ways to gain experience. 

What about building equity long term, increasing your net worth, gain a position to leverage future financing, do you even have a public relations aspect to your business?

If he/she says its no good, than you just gained some knowledge.

Doesn't sound like a lot of meat on the bone though considering your gonna have $10M in commission plus closing costs plus rehab costs when you sell in six months plus, your gonna have taxes on any profit as you don't get to claim the homeowner exemption from the gains.

Focus on educating yourself and gaining the knowledge to navigate through homeowner problems. 

Thank you also for the great resources, I definitely will dive right into these and gain as much knowledge as I can.

So you should expect at least a 10.5% return on your investment PLUS about $5,000 in equity paid down each year PLUS any appreciation gained. 

I have a 20 year old that has been helping me and he is gaining a great deal of knowledge and ownership in one of my properties.