From the previous posts, I can see there is definitely a collaborative atmosphere and wide range of experience. 

What drew me to development was the aspect of being able to take on such a wide variety of roles and work with different people. 

You are leaving yourself wide open for problems.

Looking back that was widely considered a unsustainable bubble, yet somehow this time is different?   

You can find the deals but you will have to look far and wide.  

This is a very wide open question, as the return depends on so many factors.All property like this will depend on how much you put down, and upside you might create through operations changes.

I have a thought that's sort of along the same lines as far as looking for "hot" markets to buy whatever in, sure there may be certain ones that get "hotter" than others at times for a wide variety of possible reasons, but I'd also say that there will be a long list of markets that you will do just fine in, provided you handle your end of the rental business as well as you possibly can.

Here are the specs:3bd/2ba 1792 sq ft.2013 Tax value - $116,3002012 Tax value - $132,000 (we had a big devaluation in TV county-wide between 2012-2013 that has not really affected market values)She says she owes around $95,000, and I'm guessing ARV is around $125,000-$130,000I realize there's not much equity, but currently looking for buy-and-hold properties.

Those numbers are obviously better, but there is a pretty wide range between $1,200 and $1,600.

You shouldn't be threatened by my purported naivety.I think the industry can handle a wide variety of creative participants.