I was told by the previous owner that you're moving out by February 1st, can you confirm that?"

Do you have any idea of the price point you can afford and are you looking for turn-key properties or something along the lines of a "fixer upper"?

Ihave kept this ratio in my head since the first time and make all mydecisions using it, before I move into a market.

A good designer and architect are key for a successful project like this and keep in mind these aren't cheap.There's a lot more details to consider, feel free to DM me for more details.

@Olga DaiselI think we are lacking some key details of your plan.

The key to investing out of state is finding a good property manager.  

If your friend is unwilling to pay that then move on.

It would be better to open a new card with 0% interest on balance transfers, move your debt to that card, then pay it off like a mad man before interest is charged.Your scenario indicates you aren't financially disciplined.

So move forward and add whatever language is needed in the lease to deal with this matter.

I think a sale is probably the best thing sell for what its worth dont let an investor suck him into some wholesaler suck his equity from him.. sell re group and move on..