He said he charged $400 for his, is profiting well on it since he got his property for a third of market price some years before, and both he and his tenant are happy with it.

I book marginal candidates in between strong ones to create a scarcity mentality. 

Marie, Please keep in mind that when you see people referencing with these funds it's because they are invested in these funds, bought the sales pitch hook, line and sinker and are being told by the operator, "don't worry about the market, we're experienced and conservative so you'll get all your money back and a tidy profit.

So, in reality every month your moving close and closer to sucking out months/years of profits via items aging out, cap-x coming to bear. 

Even flips are getting razor thin margins (see reference below). 

Looking for a creative way to either turn my current property into a rental or a flip or any other way to make a profit. 

Ultimately, a “win-win” keeps your tenant profitable while ensuring you’re not underpricing your asset.As for notice periods, definitely check your local regs, from what I’ve heard.

The people who never ran properties in B or C area always scream about how bad idea it is but you can make an incredibly profitable listing in those if you know how to manage it.

Not that there isn't some opportunity, but investing from afar, I don't really have the chance to get a crew that can do the rehab on the homes that I think would turn a profit. 

Determine the most likely sales price of the build (factor in the cost of the land also) and include all selling costs to arrive at your net profit and ROI.