If the cost to get it running again is not too much (< $5k?)

If her goal is to provide some of the proceeds to her ex in good faith, she can simply sell the property, have a tax professional estimate the taxable gains.

Its a long term low cost play for me.

I would include servicing costs of the loan and licensing costs.

@Greg StrunakA good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

I’d estimate it to fall between $200k and $400k.

Based on your estimated monthly "passive income" of $2,532 that you'd pay an investor, I'm estimating the investor would contribute around $380,000 to the acquisition, is this correct?

Great point, there's also two different behaviors that can logically result from same estimates for future inflation: raise lending rates, OR buy hard assets.

Some, like the last one we got in place, used a drive by estimate of value rather than a full interior appraisal.