@Cameron RileyMy biggest suggestion for anyone getting involved in this business is to start out with the end in mind and create the goals that you want to achieve and what financially those goals look like and how your life looks like when you achieve those goals.Then when you’re looking at deals you create a strategy to achieve those goals so you never buy deal to buy a deal you only buy deal based on the end goal and that property investment is merely in line with the strategy to get you to that goal

As a personal preference, I would like to keep the garage if at all possible, but I am not above merely converting the garage itself into an accessory apartment for more long term rental potential. 

Again, I did not mean to offend, harass or insult you, merely offer an opposing opinion/view.

I do not do the rehab work myself mind you, but merely find the deals and manage from afar with a good number of qualified people.

If you cannot find where she was clearly told that the deposit was merely to HOLD the unit and was NON-REFUNDABLE, then you are unlikely to prevail, and it would be wise to refund the entire $1,500 (via check) and call this is a cheap lesson.If you refund the $1,500, you could still be sued, however no attorney is going to take her case since you acted in good-faith by refunding the money in full (albeit delayed.)

In a quit claim deed the seller is not warranting that he has title, he is merely transferring whatever ownership interest he may have in the subject property.Taking ownership of real property subject to existing financing means taking title to a property encumbered by a mortgage or deed of trust and leaving that lien in place, I.e., not paying off the lien at time of title transfer, AND not assuming said lien.

I intend on getting me RE License in the next 9 months and will try and use that to expand my sphere.

If i was merely only looking at cash flow most would say this is a home run, but you must look at cash on cash return

The point was merely that so many people see school as the only option to learn and advance a career, when in fact there is so much that can be done on your own to grow your knowledge, skills, and advance yourself in whatever you pursue. 

But lets say you get a great purchase, sky high LTV (let's ignore why you are also selling so cheap) and some nice HML such as ourselves will lend you 90% of cost plus 100% of rehab... say at a generous 10% interest only plus a mere 2 points.So at least a 10% downpayment plus $30k reno is a total loan size of $300k.You will need that cash on hand for the downpayment ($30k), for loan closing costs (2 points that's $6k plus loan fees plus Title plus Appraisal let's round to say $10k total), for funding till the first rehab milestone/draw ($5k?)