First time Flop. Very Discouraged

[Renata Johnson]

I'm a 32 year LPN that is just getting into real estate. Before joining Bigger Pockets, I signed a rent to own contract on what I thought I would be a great investment. We are living in it as we rehab. The landlord charged no deposit since we were doing the repairs ourselves. GREAT! We have been rehabbing and I have started using Bigger Pockets calculators. I needed numbers so I looked at my contract and it said 240 principle 240 interest 240 tax and 8% interest but no total price to buy. I looked up the tax assessment as it said 32285. When I asked him for a total price he said 79500 but if I got a loan he'll sale for 60000. I was expected about 50000 for him to make a profit but almost 80000?! I know he has to make money but the house wasn't in the best condition and still needs a lot of work. I have the option to sublet after 2 years but rent is 825 and Zillow has a estimate of 695/mo so even If I charged 900 I only make 75 a month and it maybe hard to charge that amount. I looked at comps and there is one place charging 900 on my street but it beautiful and required a lot of upgrades. Also, he makes me feel very uneducated. I've explained to him that I am using this an investment property. He proceeds to tell me about how impossible it is too get a loan and his way is the best option for me but IF I can get it, the price is 60000. Long story I know I made a bad decision. I am still able to leave the contract without penalty and haven't spent too much on rehab but Ill lose that little bit of money. I'm just a little discourage. Looking for advice, success stories, or anything to keep motivated. About to read a few forums as inspiration