I guess the play in this scenario would be the cash from the cash-out refi and the equity growth on the rental property, but nothing in terms of a monthly income stream.

Anyways, I am a single mom of a 2.5 year old little girl, and at the age of 32 have finally gotten to a place where my financials are in order (I graduated from college a bit later in life after teaching acting and producing plays throughout my 20s!).

There are deals out there but they usually require a value add play.

I'm playing the same game - Roth SDIRA, although I'll prob start purchasing through an entity as well in the near future.

BUT I think you are playing with fire.My primary job function is outside sales building relationships with realtors. 

At the time I was busy with my main business working with tax foreclosed properties, and I didn’t really have the time to do NPNs on the side, but it seemed like something I could expand into in the future so when Scott approached me with a JV (Joint Venture) proposition to passively invest in some CFDs he was buying it seemed like a great way to get some exposure to how these played out.

There is variance in markets but I believe most markets are like my market with 2 primary plays 1) patience.  

If really interested to vet the reality of the Proforma I would be happy to give many names that can speak to the integrity of our numbers and how they have played out in reality.  

Price has been reduced twice significantly so something else is likely at play. 

Next, if you are comfortable with the numbers a long term rental would provide, keep that as a back up strategy and play with the numbers a mid-term rental in this area would bring.