I can't imagine a seller would agree to cover the cost out of pocket if they are doing seller financing, unless they had money and were desparate.  

What is your average cost per mow in Indiana?

Here's a fundamental explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

I wouldn't even consider this scenario if you have no business managing a flip, and you have never done renovation projects, as that is an arena where you need to have built experience and connections to just be OK.Let's consider that you decide to save just enough ($75k) and grab a $300k single-family rental with 20% cash down (plus closing costs) and you just rent it out (not owner-occupied) and you have limited reserves.  

Never flipped before.If you take out a HD loan and say your construction estimate comes in at $100k.Eventually the actual estimated construction costs only cost you $90k.When you take a draw does the bank give you money based on receipts/invoices?

When it comes to closing costs you can use the builder or the equity of the land in your favor to help with closing costs.

Therefore, I would ensure that the current NOI is accurate based on YOUR assumptions, then you can think about how you can increase the NOI by increase revenues or decreasing costs over the coming years IF you were the owner.

The purpose of house-hacking, as you're aware, is to benefit financially from another tenant/roommate subsidizing your cost of living. 

That will increase your cost quite a bit and might make the ROI untenable......?

I would recommend reading the book by J.Scott called "The book on estimating rehab cost" Also, network a lot and consume wholesaling-related content to give you a better picture of how it works.