Dscr will be useful in the future for fixer uppers and unique buys. 

My method has always been to call every listing that hit 90 days on market in areas that I want to buy.

We are starting to explore options for buying his shares to eliminate him as a risk and a roadblock but still have funds leftover for growth.

I am buying it furnished. 

Increase income, decrease DTI, and buy a home (i.e., get a higher paying job, work two jobs, go to trade school, get a higher paying degree, live in affordable area, etc...these are things that most of us did).

You can make more through co-living in most markets, but still likely to be better off house hacking 1 / year and then buy out of state with your extra cash.If you want to chat strategy with someone - feel free to PM me or reach out to contact info in my bio!

It is exciting to think about having a big stack of cash to invest in something, but what if that something doesn't advance you the way your property does since it grows in value AND provides income.Maybe the $800/mo cash flow can be your seed money for stock you want to buy...? 

Over time, I discovered mistake #2 was not buying them right.

Even if you take the $250,000 the realtor mentioned it would sell for as your basis that would mean you're looking at an $80k gain: 380,000 - (250,000 + 50,000 improvements) = 80,000Since you want to buy a nicer home for your mom, a 1031 exchange may not be applicable if the new property is intended for personal use, as 1031 exchanges are for investment or business properties only.

Thanks so much for posting all this info I had been looking at Apke Land or Land Investing Online, while they give lots of free information if you really want in depth or access to their letters you have to buy their course.