I do that naturally, without an alarm clock because I don't stay up late.1.

If your budget is $150k you're going to have a tough time buying here - right now there's only one house on the market below that price and it would require at least $60k in renovations.The Riverside and (adjacent) Avondale neighborhood regularly ranks in the top neighborhoods in the country, and values have risen steadily for years now.

Account Closed Will you be using this guy on a regular basis? 

You do a reverse construction exchange and your intermediary takes title to the lot and holds it until the construction is complete and you can take title to complete your regular exchange. 

Someone posted a very great mention about staying slightly under comps (as this helps keep up the good relationship with the tenant---because they feel they are getting a good deal) and it also gives you room to go up if you need to (for reasons outside of regular rental increases that sustain with inflationary demands).

Then I would use another version to file our regular taxes?

Just get a regular construction loan.

If you are allow the attendant open it up, what's your plan to mitigate theft or is there a percentage that you just plan to write off as a loss due to nature of business?

Yes, naturally, financing a renovation will lower your equity, simply because the mortgage balance is higher, relative to paying cash for those same renovations. 

I’ve watched wholesale deals regularly get bid up to near-market value.... you have to be very creative to find anything worth buying.