Getting a $19k investment single-family worth $140k to cash-flow

[Deneuve Brutus]

Good day everyone,

I'm doing research and learning  as my as I can, I just found BP like 2 days ago, after a friend told me about wholesaling. I've given RE investing some serious thought, like 3 years worth. I'm a Technical Project Lead, I know code, websites, networking, geek talk, RE stuff is new to me . I'm thinking of purchasing my parents home from them. They bought it at $70k in 2000 and still owe around $18k. Zillow ball parks the home value at $140k. The house was last remodeled in 1983. I figured knowing the area (Tampa, FL) and the changes that has happened in the last 19 years. Plus, the buzz of changes yet to come I get from the neighbors, friends and insiders. I'm looking to make Downtown Tampa, FL area my farm. I'm still learning all the calculations, and lingo to minimize my risk through BP podcasts, blogs and books. There have been investors literally knocking on people's doors offering them cash for their homes for the past couple years. A few have sold, and many have been flipped in the neighborhood.

My questions are: 

• How do I make this property cash-flow? ( Or maybe that is the wrong question ). 
• Would it be wise to do this as a first investment property? 

I'm looking for a way to own the title/deed/home by acquiring it from my parents for what they owe ( just learned about ""subject to" this morning, BP Podcast #2), then I'd need to find $20k to $50k for rehab, build the carport and the remainder of the foundation of the house (there are ample concrete/space around the house to build at least 3 more rooms) and transition from a single to a multi-family home. Rent out the newly remodeled space, while my parents live in the other space, which will need about $5 to $7k to rehab at the most (new kitchen cabinets, and tear now a divider wall to open the space up a bit). Rent in the area is from $1200 to $1800, there are condos 2 streets over going for $400k, they are relatively new, about 5 years old. The house across the street is sold for $180k and rented for $1800 in 2018, constructed 15 years ago.

My RE goal is to build long term wealth by owning single and multi-family homes, that generate a monthly net income of at least $10k. Possibly through the BRRR strategy which I just learned about yesterday (BP Podcast #197). I put this statement here because it may impact how to move forward and what answers I get. Plus, like most starting out I don't have much for a down payment so this is a 6 to 18 month plan for me, I also signed up for the 90 day challenge webinar.

Thanks for all your help, I appreciate your time.