For example it will be nearly impossible to find anything priced at 70% of ARV, and you may end up needing to do extensive renovation because many of the properties that required minimal work to flip have already been flipped.

Now that will cost you, but in general, the cost of an agent is returned by the higher sale price due to the more extensive marketing achieved through the MLS.

I am waiting for his 2018 tax return (he got an extension), then based on what I can figure the expenses to be, will send him a letter of intent to get into see the units.

make sure to have gutters, and extensions on down spouts. 

@Michael Schmeling, as long as you sell the property so that you have lived in it for two out of the five years prior to sale ( and actually you'll get an extension because of your active duty station) you can take the primary residence exemption and the first $250K of profit will be tax free. 

I have individual clients with net worth from 1 million to over 100 million and 16 years in the business.Whoever you talk to make sure they have extensive experience and credentials to help you.

We have done extensive renovation and construction to add value.

Usually, there's an x-day extension already in the contract, standard is 10-day in ours, if needed for loan or title issues, which this should cover. 

According to Parker's post, the Fannie Mae Second Home rider states that in order to qualify for 10% down: "Borrower will keep the Property available primarily as a residence for Borrower’s personal use and enjoyment for at least one year after the date of this Second Home Rider, unless Lender otherwise agrees in writing"... so you need lender's permission in writing if you plan to use it extensively as a rental during year one.

Each year I bought 1-2 properties which needed extensive work.