Also, you might live in an area with more modern house lots than I do, so you're less likely to have some of the issues I listed above. 

In the meantime I will teach her the art and science of real estate investing and she will learn how to run and manage the investment.

I would definitely say that underwriting is more of an art than a science.  

However, it sounds like it's fully functional and just missing some modern safety features.

The idea of “per month” seems overly ambitious at the moment… focus on your first deal… while not rocket science, there is a learning curve to real estate… to which this post is part of it.  

With the BP website and podcast, we are now considering house hacking a small multi next year and renting out the townhouse.We put 20% down for the townhouse and have begun renovating it and making it more modern.

Well, it's more of an art than a science, but more or less: the ARV is what a similarly rehabbed house of the same approximate size, geographic location, and amenities would sell for/has sold for.

It is far less Rocket science and far more a trained eye to understand what little tasks will take a lot of time.The other easy way around this is to find a reliable GC and pay him for estimates.  

We completely renovated the entire house and gave it a very trendy modern design.

We completely renovated the entire house and gave it a very trendy modern design.