im just throwing out ideas.

Then maybe later you can request money from the tenant or throw yourself at the mercy of the courts. 

Start with what you can handle - with no plan it could take you 10+ years to save up for your first straight "investment" property, all the while throwing away $$ on your rent every month.

Should I just be happy with a workable fence and not throw more money at the house?

@Lawrence KaplanNot sure why you want to sell it to your daughter below your own basis, throwing away the loss in the process.

So if your 2% CoC investment also throws out 20% IRR (i.e. because of potentially insane appreciation), then it's obviously an excellent investment, but this is rarely achievable unless you invest in west or east coast and have a good crystal ball.Oh by the way, you can do all the above analysis without using "cap rate".

We bought it for $110k, and figure we'll throw $70k at the thing for a nice finish.

It really throws a kink in the whole brrrr concept.  

With rents, you just throw it out there and see if someone will pay it.

There are usually fees for everything but they are not making money unless they have your home occupied so I would like to think that the goal is to not just throw anyone into the home.