I just paid about $2k to do a whole house but that included painting the walls a lighter color and repairing all of the small cracks and holes from the previous owner hanging pictures and shelves all over the walls. 

A bit dated and could use some repairs, but it's doing fine for her.

I am starting the rehab with what cash I have, getting the ductwork portion completed, the roof and outside repairs completed, etc. while I continue my quest for additional cash. 

I self-manage and because of the aggressive 15 year mortgage I take home just $450/mo which just goes into a savings account, so I don't split out repairs and vacancy. 

A couple things seems funky-1 - Why 6 months to repair if only 50k in renovations?

I'm willing to go ahead and apply for it, it just seems so inapplicable and absurd.

Before doing the walk through my estimated repairs will include.

If you are a squirrling away $25k every 3 months, you are way ahead of the game! 

Also you may wish to check out local investor groups such as Black Diamond REI in southern Mass and RIREIG in Rhode Island.Since you just bought your first property, I would recommend taking at least 6 months, 12 would be better, learning how to be a landlord of your first rental unit before acquiring another one.Learn about renting a unit out, tenant screening, collecting rent, repairs, capital improvements, handling moveouts, etc.

So your minimum expenses, even with no repairs, capex or vacancy is $1500/month.So best case you are -$211/month cash flow if you don't experience any maintenance, capex or vacancy expenses with the commercial loan.To be fair, you are building WAY more equity with the shorter commercial loan.