There is a chance that her capital gains tax exposure on a cash sale could be minimal or even zero.

If I were in your shoes, I’d continue to learn, maybe pick up a part time job in the RE industry to get exposure, finish school, and save what money you can.

If it’s too tenant friendly fir that and you want to mit your exposure I see two options. 4 month leases starting/renewing Nov/March/July1st (the easiest) or mtm March-sept 30th and then give notice of 4 month renewal starting Nov 1st.

This helped me minimize exposure. 

The "exposure" my listings would get from continuing to be on Zillow are not worth the charge.  

What do you guys think list it now on MLS (to increase exposure) or wait until 100% complete to go live?

Would not it increase your legal liability exposure?

The rental market is $1700/month.What are the formulas for this area that will maximize our cash flow and cover our exposure points (eviction vs foreclosure, repairs etc).We have a rock solid lease but the option (which will be a separate contract) is another story, we would need a good template.Can any locals help with these questions?

I'd say case by case which is more tedious, roofs vary in length of life from leaf litter, to heat exposure, to freeze thaw cycle to if they were maintained by the previous owner, most of the time you can tell if a roof is in good shape, iffy shape or bad shape from the ground. 

Lenders want to drastically reduce their exposure in this market.