@Michael Dunn, it is income and eventually yes a lender will factor that into their DTI equation for you.

St.Rose is beautiful, please let me know how that works out.

It'll be a beauty.  

Be very conservative on your ARV (final sale could be 10%-15% below your asking), don't forget to factor in construction overruns and discovery work (typically budget a 15% cushion), don't forget to budget acquisition costs (6%-10% of purchase price), selling costs (6%-10% of ARV) and holding costs (be conservative it will almost always take longer than you think or than your contractor tells you and may take more time than anticipated to sell and for buyers to secure funding).  

Southern Minnesota, all four seasons beautiful rural area.

These are all factors that roll into the "work" that needs to be done. 

You might factor in the other ingredients before you buy appreciation, depreciation, and my favorite owing less!

I use SmartMove to do a credit/background check which factors into their score, eg. do they have credit above 600 - 5 points etc.

@Mark Byrge, @George Gammonmakes a good point in that you should stress test the property for all factors subject to change (interest rate, value, cash flow). 

Hello Mary Ann, That's awesome you got a camp on Little Sebago Lake , it is a beautiful place!