Have you scoped out a market yet?

I'd talk to your broker on what it'll sell for after the fact and where the market is heading over the time you plan to own it. 

Not familiar with those markets, but here is my experience starting at 22 and what I regret after house hacking twice: https://www.biggerpockets.com/forums/922/topics/1133476-hous...

If that is the case, just let them take it to market to sell.You could offer to manage the property and have them to rent it out now where you pay them a flat rate every month and anything you make over that amount is yours to keep.

Likewise, marketing in general.

Reno Scenerio Off Market Purchase Price - $185k ARV = $315-335kReno - $55-65kHolding - $10kClosing both ends - $25k= $335 , $315-$285 =$30-50k gain  As-IS Scenario Purchase - $185kSale Price on MLS :$225- $235kClosing both ends - $20kHolding - $4k= $235 - $209 =$16-$26k gainIn both scenerios I’ll be 1031ing it into a new investment.

As you embark on this journey, you'll learn the importance of market research, the art of negotiation, and the power of leveraging assets.

If you are willing to live in urban areas you may want to talk to a local bank in your market and see if they have any incentives or grant loans for certain areas.  

I know a little about the phoenix market and agree it is growing. 

Partner with people in your market.