Many Landlords include a renewal clause that basically gives the Tenant three options: 1.

Don't write your options off though, you could do a 203k loan which would include both the property and the maintenance budget!

It only depends on the numbers. based on costs you should be able to calculate your profits going in regardless of the property condition. assuming the purchase price includes the discount for the cost of drywall you should easily determine the exit numbers.You make your profit when you buy and realise the profit when you sell. 

-Example if I am 650k into this thing (including land) and it appraises for 750k can I use the equity as part of my downpayment?  

That would include down payment, closing costs, rehab, and any other up front costs.Timeline: In an ideal world we’d be all moved in 6 months from now, but we are flexible.

I currently own 5 properties including my primary.  2 of them I just purchased as bad shape rehabs that I wanted to fix and rent out, using the BRRR strategy. 

To me cash flow is the net income you recieve after all expenses including your mortgage payments. 

I believe they list it all out there, including how much the STAR is

I completely understand @Ned Carey I always include property management fees as part of my expenses (10% of the gross monthly rent) and I do not consider that money as part of my IRR.

If they do a 1031 they must use all of the proceeds which include the note for $50K in the next purchase.