This would be the number on your taxes after your taxes, insurance, repairs/maintenance before excludes your loan payment.

Such as excluding properties in flood zones or high wildfire risk areas? 

@Alain Brunet don't know them, but the $1500 must be excluding the actual state charges.California charges something around $800 to set up an LLC, Michigan only $50.So, can't see how that fee would be included - assume others also.

And according to someone else here, a big portion of my costs was excluded from my CapEx and Maintenance assumptions.

Once you move out and convert the entire property to a short-term rental, you'll be eligible to depreciate the full structure (excluding land) and can apply a cost segregation study to front-load deductions using bonus depreciation.

Builders Risk insurance is necessary when your first party coverage excludes damage to your property when your property is undergoing construction,  which is the case in many commercial property policies. 

We have some areas/neighborhoods we are interested in but we haven't chosen to completely exclude all others.

Partnership interests are excluded from 1031 exchanges.Things to keep in mind:If the rental is held in a partnership or LLC, buying your sibling’s half is buying into the partnership, not the real estate, so 1031 will not apply.If you own it as tenants in common with separate deeds, it has a better chance but is still a gray area because it is the same property.The $150,000 of repairs does not count toward the exchange unless done through a special improvement exchange structure before you take full title.A qualified intermediary must hold the sale proceeds, and you cannot take possession of the funds.Unless you restructure so that you are clearly exchanging Property A for a truly separate property or a properly established tenants in common interest, the IRS may deny the exchange.

they then exclude the HELOC interest from any calculation, make aggressive assumptions on other items, and voila - cash flow. 

The live in flip is one of the best tax strategies available.If you can raise the valuation of the house by $100,000 which would be excluded if you lived and owned the house for 2 out of the last 5 years, you get to exclude $100,000 of gain which is saving around $20,000 of taxes if you factor in Federaal capital gains tax and state taxes(assumed 15% federal capital gains tax rate).You can potentilaly exclude more gain but I just provided $100,000(up to $500,000 if married filing joint or $250,000 if not married filing joint).