It is not passive in any sense of the word.  

That makes sense.

If the property doesn’t make sense financially as an annual rental, it’s probably not the right investment.

@Christopher Reynolds My mantra has always been, "Live where you want to live; invest where it makes sense."

Since your goal is getting into commercial real estate, it might make sense to start with a smaller rental property like a duplex to get experience managing an investment.

it doesn't make sense unless it's some kind of short term thing like a BRRRR - is that what you're looking at?

If you are thinking of renting, then that wouldn't make sense.

Here is a summary of the book.https://www.nateliason.com/notes/long-distance-real-estate-investing-david-greeneIf the numbers doesn't make sense for you locally, that's the time you explore other route. 

In my market, almost all sellers are still offering buyer compensation so you could hire an agent hourly, pay them, and then the seller will also pay them comp on your behalf so it doesn't really make any sense to do and no good agents will do this in my opinion.

I also wouldnt let your mom go into 2nd position on an investment property with any sort of restructuring; it doenst sound like she's in a position to risk being wiped out.Overall, though, if you want cashflow on the new property but cant achieve that after a refi into a market rate loan, it probably makes more sense to just flip it, pay off your heloc and your mom, and use the remaining capital for the next deal.