But realistically, if the work isn’t getting done, you’re already in that position and generally dragging out the decision isn’t going to improve your situation.

Hey @Allan Pan, A lot of times my clients and myself included have a hard time setting realistic expectations, and/or accepting "ideal scenarios" don't exist.

You could partner and offer a preferred equity position (i.e. payment of a set interest rate on a monthly basis + some type of fixed annualized return when you either refi or sell).But with either option, which are your most realistic options for this deal, you will have to show some significant upside.  

I'm prioritizing safety, good rental potential, and proximity to Rice.What's a realistic budget to get started? 

We put an emphasis on vacant prospects, those with separate meters and realistic balance sheets which when combined with the right financing terms and management can still produce a healthy and safe addition or anchor to a portfolio. 

Is it realistic?  

Find out what is realistic, what fires you up and formulate a strategy based on the resources you already have. 

Realistically though, $50k is not going to go very far toward flipping homes – even low-dollar homes.

Does anyone know how much is the minimum that I can realistically pay for permits, plans, materials, and labor?

Id first write down what your goals are and how much time you realistically have to spend on REI (ie if you work a full time job/have a family/etc flipping or STRs may be tougher than renting a LTR).