Also since you're house hacking, you can qualify for the FHA loan and put down only 3.5%...again using the excess money towards student loans.

@Topher HagensYou are going to have ensure the structure of the closed-in porch below is capable of supporting the load (does it have proper footings) and that it is insulated well enough for plumbing.Speaking of plumbing, are there supply and drain lines anywhere near that part of the house?  

There are two things running against the scenario you depicted:your down payment cannot be borrowed;if you have vendor concession in excess of 2-4%,  the lender's perspective is generally the property was incorrectly priced and they will reduce the amount they are willing to lend accordingly.  

Plus the addition of self employment tax.Whenever you flip homes you need to consult with a tax lawyer or a CPA in advance to make sure you're not paying excessive taxes.Did you setup an LLC with an S-Corp?

I work to automate the bookkeeping processes for my clients, I strongly recommend that you check out HubDoc's integration capabilities with QuickBooks.

If you sell the foreclosed property, and receive funds in excess of this amount, then the excess would be due back to the borrower who you foreclosed on.

I got a landscaper to check it out he said build up the dirt then put limestone rocks supposedly it soaks up excess water.

The 3D capabilities are amazing.

Plus it is in the area we want to live the next two years.We are asking seller's to assist with excessive repairs, are we crazy for moving forward?

I do have a standing order for them to quote a minimum of 5 companies for anything less than 2k per year, 10 for anything above, and 10 for anything common (CGL, Auto, Excess, etc) which I use every year.