The IRS doesn't care if your depreciable assets are brand new or a century old - you get the same depreciation schedule upon acquisition.    

I know the goal is to hit 2% of the purchase price on the rent but on higher end homes you really stretch that percentage due to the acquisition costs.

99% of our flip acquisitions here in Chicago are through the MLS not sure what the market is showing out in NYC try the MLS first cause it is free and way too many people down the ability to find deals on there! 

The calculator asks for income from rents and presumes the stated income is present over the full timeframe of the acquisition period before refinancing, say 12-18 months or so.

Lenders also require you to have your own money involved.You can take out a line of credit against an asset and reinvest that into a new investment.You can buy properties with HML for a short period of time and the HML may pay part of the acquisition and rehab costs but they will want you to have your own money invested in the deal also.

So I know I could do the subject to term for the existing mortgage for a 3 yr pd term to pay off the remaining $143k, any other advise on how "subject to" acquisitions of property should go?

Hello Bigger Pockets Community, My name is Derek and I specialize in Real Estate Investment Properties. I acquire about 15-20 Single Family Distressed homes including the Multi-Family units every month. I am intereste...

Wholesalers too also just look to make their fee if MLS acquisitions through your agent are possible you may find some better options! 

Especially given the fact that (I think) the homestyle has no preloaded PMI, so I would just pay monthly PMI for 6 months or so (no biggie).That being said I do have a few concerns / questions.The appraisal on these loan types is done "as completed" meaning the total acquisition cost (purchase, and rehab) that the bank will lend you is based on what they think the home will be worth after the project is done.

With a combination of real estate and construction contracting experience, I have been responsible for overseeing day to day management of property acquisitions and sales, tenant build-out, capital improvements and base building projects including build to suit, hard bid renovations and design build contracts.My work have included; financing and grant proposals, pre-construction planning, budgeting, project scheduling, contracting with architects, engineers and other consultants to oversee plan preparations, as well as bidding and general contractor.