I would recommend teaming with a realtor and/or negotiator who can do the communication and negotiation with/for you, so that you are not turned down as a buyer by the bank.

It is a great place to really network and find folks you need for your team - professionals and jv partners - I want to address the last bit as I work for a loan brokering company.

I realize that apart from browsing through these forums for answers, I should also build a virtual team of competent folks to get professional advice from - but because there seem to be a lot of categories of professional advice, I don't know the exact list of people I need to include in my team.

Now you just avoided buying a property where you would have lost ~200k out of the gate or you have a way to go back to the owner and attempt to purchase the property at a fair price (~1.14M). 

(there are other conditions as well, you must actively participate, be at least a 10% owner, etc) If your deduction is not allowed, all is not lost.

My team is finishing a project in Tucson for another out of state investor.

The rest of my team is the same for that Akron 24 unit.   

I talked to someone in your team and was very impressed with the clarity of the conversation, and the options I had.

I'm curious about anyone's experience using HD or Menards to come in a do the rehab work (remodel a kitchen, all new flooring, etc)

Learn as much as you can, but also do your networking to find, join and build your team.