@Lateefah Mathews  there is already a huge living room , This area i want to convert is extra space

Whether the rehab number is off by $20k or $50k doesn’t matter to them — they’re not the ones doing the work or holding the risk.And let’s be real: the wholesalers who do want to improve are usually newer and broke.

She's telling me if I file as a REP, I would need to report rental profits/losses on Schedule C instead of the usual Schedule E and pay the the extra self employment taxes. 

I havent seen these get approved when the total portfolio was less than $20m or so because banks usually wont go over 40-50% LTV on the portfolio and it takes a lot to underwrite these.

Those guys usually show up, do the job right, and don’t want to lose the PM’s business.I saved clients thousands just by knowing which vendors to call and which items don’t need to be replaced.

That usually means locally.

Would it make sense to let him stay for an extra 2 months and then list up the property for rent at the end of September or October?

That is because usually the borrower is not reliable.  

Additionally, I plan to rent out my current home to generate extra income. 

All while reducing the danger of damage/squatters in an unoccupied property.)If you’re 4% higher and it takes an extra 15 days, you actually lost money.