Am I here already or have I made a mistake in my numbers assuming everything I layed out here is correct.Depends on your circumstances and goals. 

Given the unique circumstances and the specific changes made to the property, offering the price the owner was asking before the remodel seems like a fair starting point. 

Rentals might be more feasible given your circumstances, as they require less time-intensive work upfront.As for capital, consider starting small.

Just knowing some of your circumstance, here are my thoughts.1) Read your lease. 

For this circumstance (where I've got enough of a track record where he trusts me, but I'm still a small multi-family investor without major deals under my belt and he knows I've never used solely OPM before--should I expect to get more than 20% equity? 

I all but guarantee there is language in the mortgage of something for neglect whatever of property.

The listing agent - a relative of the husband, intentionally neglected to show the house.

Balancing a 40-hour workweek with real estate investments is certainly practical, and many successful investors have started with similar circumstances.

Let's break down a few considerations:A popular tactic is to invest in properties outside of your state, particularly if your investing objectives conflict with the state's market circumstances.

It is important to consult with a legal professional or financial advisor to fully understand the implications of assuming the mortgage and how it may potentially affect your financial and legal responsibilities in the event of unforeseen circumstances such as her mother requiring care.