Say, 3 rolls of toilet paper per bathroom per 5-day reservation and track it that way.

Can someone confirm if this is true and what the best option lock/ do not lock and see the rate in april22 closing time

On aggregate they offer similar terms (interest rate, terms, etc...) then "agency debt" (Fannie and Freddie), but can generally be more forgiving on the experience side as well required reserves.

@Michael A Silva-Sampaio your lender should be able to confirm for sure, but it really just matters where you classify as your primary residence on paper (i.e. tax returns and USPS address).

Lender also told me for my next property I will need at least 15% down and 6 months reserve and since I already have a primary residency I would have to apply for an investment property.

I will also have more exposure to potential capital investment requirements than option 1 (two roofs, etc.).In both cases, I will have appropriate cash reserves for the real estate and a personal emergency cash reserve.I am leaning toward selecting option 1 since, if the deal is a good deal, I should be able to make first timer mistakes with the property still cash flowing.

To start your flip, I'd encourage you to have the 20% down, 2-3% origination, 1% for other fees, 6 months of reserves (no seasoning), and at least the FIRST draw amount ready to go. (30k rehab, hold 10k for the rehab)

Which because these are duplexes they will be sold on comps and not income, so you need to confirm your sale price.- I don't see any costs relating to the sale in your model.

Wholesalers list too high, under budget the Reno and overstate the ARV, 99% of the time.  2 of the 3 I have purchased were from the same wholesaler, who I generally trust his numbers, but still confirm.  

In addition, you would need around 6 months reserves.