They are lower than what I’ve been setting and getting. 

When I pointed that out, they suggested I instead setup my credit card as a vendor, and enter each charge as a bill, which would then fix the assets and liabilities issue.  

If for no other reason the more predictable and lower maintenance costs are a huge benefit.  

If I were you, I'd pass on this property and look for something else (and I suggest a 3 BR) under $80 that you can put a little rehab into, unless insurance pays your family member a bunch of money and they accept a much lower price. 

You’ll learn the ropes on how to be a landlord with a lower risk/higher quality tenant-base. 

If all of them have a garage and yours does not that will either put you at a lower ARV then what you thought, or a longer time on market.

Business owners won't want to get tied up in litigation and if there is a good chance they will lose, it is easier to simply follow the contract.How would that work with a lower-end tenant? 

This likely will result in a lower unit value than if value was derived from comps (especially seeing commercial MF values have fallen in recent times).Good luck

With $50k, you likely have enough to get started, especially if you target lower-cost markets or use a strategy like house hacking.

They tell you they'll charge you $500 if you cancel in phase 2 of the program If you cancel before you even get started they'll charge you $500