In the spirit of non profit you would be helping people collect this overage and NOT charging them. 

You could cash out refi OR sell in a year and 10-31 the profits into 2-3 more doors.

I dont think first time buyers usually even know that after owing the home and living in it for 2 years any profit up to 250k for single and 500k for married is tax FREE. the absolute best tax treatment we have in the US. in Markets that dont move as much might not be the same benefit..

While you can't build equity through improvements, the strategy can still be profitable if the numbers align.

I am concerned that he/she is either filing bogus small expenditures OR performing services himself/herself and making profit.

Im torn between something that is turn key with encouraging rent potential v something old that needs a lot of work but can become 2 units, however not the best neighborhoods.Lastly, but very important-  If in either scenario price jumps to $380k with 15% down does this become not as profitable?

I also can tell you that a good PM will make a bit of profit in the turn over.

Also plan to sell your primary every 2 years if it has appreciated so you can maximize the up-to $250,000 tax-free profit while you are young and can move that frequently.

I grew up in England, UK I struggled to find a profitable market and working a 9-5 job, the hassle of living on payslip to payslip had inevitably led me to venture outside the country.

Zillow thought their analytics were good enough a few years ago, so they bought a bunch of properties from motivated sellers, did light rehabs and tried to sell froa profit.