I'm reading up on books and articles on how to do this but sometimes it's easier to join social groups or talk to people close to me that have done it before.Right now my goal is to get pre-approved for a loan and to learn from others.

Target Number:                                                                                                                    320,000                                                                                                                                    -64,000 or 20% (agent fee 6% 19,200, GC Fee ~ 25,000, Title/ Closing/Funding 19,800)             256,000 all in                                                                                                                        ~40,000 Profit                                                                                                                      216,000                                                                                                                                       -5% Buffer 205,200So what can be built for 200,000This puts the build size at 200k/120sqft or 1666.67 sqftIn my gut this still appears to be to much house even with 40k in projected profit. 

I find that Fort Worth has a much better price/rent ratio and it is easier to find cashflowing properties.

@Bob Asad, it is vastly easier to obtain a HELOC on an owner occupied residence than on a rental.  

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

To use the BRRRR method, target 2-4 unit properties, look for emerging neighborhoods, network with local contractors, factor in property taxes, and work with an investor-friendly agent.Good luck!

We found Kipling St through targeted local market research, identifying it as a quick-turn opportunity.

Modulars are a little better because its easier to get FHA and VA financing so they can sell quicker to a wider group of buyers.FHA can be refinance down the road so the MIP - mortgage insurance premium similar to PMI but more expensive. 

There are several avenues to consider here, and I'm sure you can get her out but depending on the above answers it may be easier or harder, cheaper or more expensive.

As you become more familiar with neighborhood values and property conditions, estimating ARV becomes easier over time.