@Melissa TaylorI would feel the full rehab and flip to be the better scenario where there's a complete makeover and little or nothing resembling the previous situation. 

As a 24 year old working in Sacramento after studying engineering at the University of California Berkeley, I stayed for $550/mo in Rancho Cordova, all included in a furnished room in a 30-something lady’s twin house (shared a wall with another owners house).

The house is vacant but furnished at this time with power on.

I've been speaking with a fellow investor who has been investing in Grand Prairie and doing very well with renting furnished rooms to workers in the area.

I think what is missing from your model is anything resembling a plan. 

You should not have much more personal property than that in a rental unless you are renting it furnished. 

Because we want our investment properties to basically pay for themselves (after the initial purchase & cash outlay to furnish it & get it ready to rent) we knew that buying a property in one of those locations was not going to work for us.That is why we ended up in the Panhandle.

Upon suggestion by the police, the tenant then packed all of her stuff (this was a furnished rental, so no furniture needed to be moved) and was officially turning the property back over to me (I had given a 3 day notice for her to get rid of the unauthorized friend or turn the property over to me).

I am ready for that unit to place on the market for renting, and looking for an advice.The unit is fully furnished at this point.Three questions. 

I'm aware of the dangers of doing business with friends, but I wouldn't rent this furnished house out to anyone else, and I'd rather not eat the $1900 mortgage.