Hey Victoria, it sounds like you and your husband have a solid grasp on what it takes to flip and most importantly remodel a home (the costs, materials, time lines etc...) which is a huge part of being successful in this business.

Don't download one from the internet.

I guess the Internet can't tell me everything I need to know. 

New materials and paint, fixed the minor issues, updated technology, had the HOA involved.

Lifted our ceiling up for more open feel, added an elevated primary bedroom and bathroom, fresh paint and beautiful materials.

Labor, legal, construction materials will cost more as the years and decades go by with inflation so new builds have higher rents per ft on average by a large margin over existing locations.

Also, the Limited 203k is the only version of the 203k that has a provision that MAY allow the contractor to receive 50% of the material cost up front, but that's only if the contractor can prove to the lender that they don't have strong finances and need $$$ and then the lender approves their request.

Just read the articles all over the internet and nationwide newspapers.

And neither does passive management of rental property.- Activities that count towards real estate professional status include those activities affiliated with a real property trade or business in which you materially participate.

That should allow you to pull that furnace and reposition it and incorporate other "used" materials.