You can not expect to successfully operate your business without knowing the rules.Keep in mind lower end rentals will be labour intensive to manage.

As it relates to flipping, how do I protect myself from a buyer who may want to cut me out of the deal so that he/she can take over the property for a lower price?  

I am getting started with REO investing but do not have access to the MLS, I need an agent or broker that would be willing to run an MLS search for me.

On the positive side having MLS access is a very good tool to help you find and analyze and sell properties quickly for flips. so as you can see keeping them separate is the way i would go. so now on the investing side, again, what type of investing are you looking to do?

My original question related to the definition of acquisition date as my settlement statement is as of 6/10/16, but there was a delay of getting access to the house due to a signature problem (mom died, 4 children as heirs and one them was in prison.  

@Matt Boyle days on market are typically less in IN just cause the market is a little smaller and as far as rentals go it shows a higher profit cause of taxes being lower. 

. ;) I agree with @Raymond B. start reading, watching and listening like crazy, very thankful for sites like BP for it's access to education.  

As I have less than a month at this point to refinance and not pay the extension, should I keep looking for private money or lenders with high upfront points and chase the higher 75%-80% LTV, or pay the extension fees and cash out at 70% LTV with fewer fees and lower interest rates? 

You could lower rent to fill a vacancy only to discover it is someone that suddenly can't pay rent (lower quality tenant).  

Just like what Johnson said, the house split into two 1/1 units, upper and lower.