If you would suggest changes/improvements especially where the words "House Gone" are concerned, I would appreciate it!

This will allow you to have a hard money loan for the rehab phase of the project, refi the improved asset with a standard bank, and then rent out the property.  

@Sendhil Krishnan, Much is going be dependent on the structure of the entity that owns the property, the stated purpose when purchasing it (resale vs investment hold/use), type of improvements to date (entitlement only or actual on sites/infrastructure).  

You may be able to get it rolled into the loan, and escrowed to be released as improvements are made.

These funds are also primarily thinking about IRR versus design features, color palettes, etc.

There are a couple of issues to consider here:The income you received from your tenant is taxable and needs to be filed using Form 1040What was the price you paid for the house vs. what you sold it forHow long did you live in the houseDid you make any capital improvements to the houseGood luck!

. :-) It took me days to figure out how to improve the layout of a kitchen in a house we rehabbed last year.

Unsure if it's considered an improvement to land in which case I would have to add to basis and be unable to depreciate.   

Dealing with sellers directly will  improve your chances as well.  

(You know these were classy people when they spring for the "deluxe" version of a head versus the standard.)