When working with a wholesaler there should be no reason both parties cannot be completely transparent with each other. 

During this process, the selling agent for the builders company quoted us a price of $80k to add a 3rd car attached garage to garage with completing the entire area over the 3 car garage.

Hey there, I would be happy to give you my thoughts on your strategies if you want to set up a call. the underlined statement is completely incorrect though unless I am misunderstanding:" Nearby Rural: Limited development might mean slower changes to the landscape but potentially fewer surprises.

Rehab consisted of complete gut renovation of kitchen/dining area, new hardwood floors and refreshed bathrooms (new vanity and paint).I am bullish about the long-term appreciation prospects of the property and have trouble envisioning the hold strategy over the next 10-15 years. 

I told him what I wanted, and he completely drove my idea off the side of the road.

I am a complete novice at the entire Real Estate game. 

Once conversion is complete we will reappraise the value of the home to (hopefully) get rid of the PMI. 

They are generally completed in 3-4 months and offer a much more cost efficient way to buy a nice home. 

It sounds like you would be doing the Fannie Mae 5% program that came out in the fall.

I have since then increased my net worth to over 100k invested and completely debt free with a credit score of 745.