One bad thing about that is you would get hit with high capital gains taxes if you sell the house in under two years though right?

Not to inundate her but to show her your persistence, excitement, commitment, etc.

Use a HELOC if you plan to pay it off in under 2 years.

We are getting appraisals back in under 1 week.

If you wait 6 months then value is based on lower of market or acquisition cost After 12 months it's based market value only.The caveat is the ltv's get lower as you hit #5-10 financed properties and after 5-10 is hit you will not be able to cash out unless if you bought it with cash (not financing) in under 6 months proceeding the acquisition date.There are ways to cash out after you hit  5-10 using conventional and get your money back but it's a bit lengthy for this response and requires strategic planning.Second option is portfolio financing, local lenders, generally with the title of "commercial loan officer," or vp of business financing etc they do not carry the title of residential loan officer 9 out 10 times.

Any of the silly guru talk, wholesaler, and all that crap will get the click in under a second.

I can have an LLC in under 7 days.

As I realtor in Illinois I have access to other states through my MLS log-in under the tools menu.

Renting: we can make $1000-$1200 a monthConcerns: we’re entering this with very little start up, money will be tight for a while if we decide NOT to sell, if we hold on to it and rent it we can make our money back in under 10 years, and still have that property under our belt.what else should we be considering? 

If they had bought from me in the first place I could have provided the same model used, but less than a year old for $400 and would have had it repaired or replaced in under 24 hours from the initial tenant complaint.