Your contingency should be measured in $10's of thousands.Good luck!

Here is one measure.

I have not measured the stairway but I had a quick look at CA code and or says the width should be 30 inch.

If you look at some other measurements of appreciation (like Case Shiller S&P home index), they account for flipping or they aren't any good.Appreciation is at or near historic highs on an annualized basis.

If your ROE is 10% and the other investments you are considering would give you a 7% ROI (yes ROI, because you are measuring the returns on the equity you would invest into a new investment); you would probably elect to keep your equity where it is.  

@Keith JourdanWrite strengthen your lease terms about not disturbing the other residents and measure for compliance.

It is a reminder you need to try, measure and compare to really see what is successful. 

If she is not a US citizen then there are some other very stringent rules regarding non-US citizens and doing 1031 exchanges.  

FHA requirements are typically much more stringent.

Steve has excellent reputation - I especially like his company because they use an electronic radon measurement device (chronograph) rather than the two hockey puck sensors.