I just saw an 1846 built victorian that was "codexed" into two separate units, on a 12,000 sqft lot which used to have a barn structure, and the agent suggested the best value for the property is a flip with the addition of resurrecting that structure (with approvals - this is a historic district) and turn it into two more condos in the back of the lot.

Leave 5k in case of additional repairs needed.5.

Or do I just file taxes like normal and claim the rent as additional income?

Additionally, I'm reassured by those of you who suggest I can extract up to 80% equity as I'd read it was more likely to be 70%-75%, although that will likely differ based on property type.

Additionally, ask them how long they have been managing properties and what types of properties they've managed.  

However, I have a comfortable allocation of secured funds for investing and there other reasons I believe I'd qualify for other loan options.My question is, how do I see about getting additional pre-qualifications on identified properties/home values without lenders pulling my credit?

It seems I may have to get additional water back up coverage, not sure what to do ...

Additional BackgroundContractor says there is a lot of "unknowns" in the project.

Guidelines from Fannie Mae:-Calculation of Reserves for Multiple Financed PropertiesIf the borrower owns other financed properties (determined in accordance with B2-2-03, Multiple Financed Properties for the Same Borrower), additional reserves must be calculated and documented for financed properties other than the subject property and the borrower’s principal residence.

it seems like the partner with the mortgage is taking on additional risk and not allowing him/herself the opportunity to finance other deals in their name.