I'm considering at a place that wouldn't need "rehab" but would need some improvement in amenities which wouldn't really help the refinance part but change the cash flow by a lot.

If you're looking to use the funds for rehab/improvements, then you should definitely look at a renovation loan, namely the Homestyle program.

I should be taking my home improvement license exam before the spring.While looking at Baltimore, it seems to me that there is not yet a unified push to redevelop some of the rough areas.

After purchasing it from your mother, you could offer the property as a "Lease Option to Buy" or "Lease Purchase" while allowing them to make the improvements to the house at their discretion and out of their pocket.

Plus, you can borrow money beyond the $35,000 threshold for Energy Efficiency Improvements (windows are a big one, heat pumps, etc).  

BUT, don't forget that you get to include closing costs in your basis, as well as any capital (non-decorative, permanent) improvements you made to the property. 

Do you find that ability to push the rents up is neighborhood dependent, i.e there is a max rent that a property can achieve in certain neighborhoods no matter how much you improve it? 

This puts me on track to have the equivalent of six single-family homes in two years and I could easily exceed that since this year is just starting.As I acquire properties, the cash flow will go to reserves for major improvements, emergencies, vacancies, etc.

. $100 down for certain HUD homes.Standard program allows up to 110% of the after improvement value based on appraisal.

For example, when I was first buying, every lender I spoke to told me that rents needed to be on my tax returns for at least a year before they could offset my debt and improve my debt to income ratio.