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).

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

If it isn't realistic, then pivot. 

I think realistically, 150 hrs or even 200 hrs is more likely, especially for a new STR owner.Here is the Excel table my husband did, with some very simplistic assumptions.

Find 3 solid comps that have sold as close to the house as possible within the last 3-6 months.Set a realistic rehab budget (ask other investors how much does it cost them to renovate a house based on price per sq ft).Plug in the ARV and rehab budget and DO NOT offer more than this number. 

@Connor Kline, cash for keys is the most likely way to get them out, and even this may not be a realistic option without buying property first, since I am guessing the seller won't want you offering them buyouts before you are owner of property.  

Thanks for the realistic advice, V.G! 

Obviously this is an investment as once she is finished with school she will make more money, but realistically we are looking at the next 4-5 years being pretty tight on cash from only me working and paying off the debt.Is investing even feasible with low amounts of cash on hand?

Seems great but is it realistic?

I’m not trying to sell anything, just help people get started, realistically.