If, after the property evaluations come back, the deal meets our criteria we would extend a loan offer, and at that time the regular types of loan costs come into play.

Do those numbers get transferred to a schedule E or am I actually paying regular old 1099 self employment tax?? 

The lingo in the US is different then in NZ, so sometime asking questions helps to clarify few points.We also don't have large, cash flowing multifamily building so yes, im getting myself educated on regular bases. and will probably continue my education forever. 

And we have a VA appraiser here that kills deals on the regular and in his mind he is helping veterans from overpaying.

Flexibility on purpose what you can use funds for.Other options are to save in regular mutual funds contributing on a monthly basis- taking advantage if dollar- cost averaging..You may want to talk to one of the financial planners.

-Tenant has recently contacted me to state that they would like to exercise their option to renew.

I have been reading books, BP blogs, and listening to BP podcasts regularly.  

But of most of the deals I've analyzed, (assuming I'm budgeting for safe 10% maintenance and "regular" rates of tenant vacancy - 5% or 1/20 months), there's no way to achieve those sorts of returns, even with a 80% LTV leveraged position.So am I missing something?

If you have made any effort to reasonable air seal the building envelope, then you need the range hood to extract stale air and humidity as a regular air exchanger will not typically be able to adapt to accommodate cooking.Even if your house is not tight, it is still appropriate to properly vent the cook top to prevent moisture damage and grease build-up on the ceiling above.

deal with this type of issue on a regular basis.