and a choice of affordable perks the tenant can choose from that also maintains or improvs the property and when combined with a reasonable rent increase you are more or less doing the improvements on the tenants dime. win win.

If you are 50/50 owners, the bank will look at both of your income, assets, liabilities combined.

Developers, as @Jay Hinrichs mentioned make very good money because they have a combination of a working knowledge of the industry, own or know of a good construction company, and have a large amount of capital to fund the deal. 

Can I group the rentals and K1 to make the combined income (or loss is this case) deductible from W2 income?

I currently have several cards that combine to offer me roughly $3000 worth of free travel every single year that I can either use immediately, or stockpile it for my big world tour once I retire.  

Frankly, I feel a very strange combination of confidence and wanting to vomit.

It’s really quite a crap shoot and varies tremendously from tenant to tenant and house to house. 

The numbers aren't exactly correct, I wanted to start with building out this rough calculator (modification of an existing one) and refining it from there-I combined capex and repairs and kept them a little lower since its in good shape already and doing a small fixup of everything needed.- Incorporating the equity gain from ARV: 134 purchase and close - 30 rehab --> 190 ARV (low end).

The financial freedom and possibilities that real estate can offer excite the crap out of me.

you can charge whatever you negotiate.I dunno about you, but our standard contract says guests can't stay for more than 30 days in any 6 month period without written consent.From what I've read, I think 30 days is the magic number before special tenancy rules start to apply and crap gets complicated.So whatever you negotiate, get it in writing.