Only has a PO box and a friend at a local business who will take messages(and also gives her legal advice).I have given 30 days notice, but I'd bet money she wants to take this to court ect.I want to try to do a cash for keys but I am not hopeful (I tried once already and she ignored it).Help, is there nothing I can do but brace for the pain? 

In the pros column is the simplicity of conventional financing (or is it given condition?)

Without walking it, and based in large part on the price, I would bet pretty good money that there is major foundation issues. 

I wouldn't think just turning it into a rental would be the best bet, but it's an option.

It's safe to bet on 20% of the loan, plus 25% of the rehab costs, plus money for holding the property.

I'm really curious how others relying on this strategy hedge their bets to decrease their exposure.

Your best bet would be to learn through Youtube.

Your best bet in the greater Phoenix market will be a four unit property, because it's tough to make the 2 and 3 unit properties cash flow with 25% down.

@Russell Holmes, every deal is different and with each one you learn more and more so don't bet yourself up.  

These are things like:  talking to people,  getting over the fear of the phone, hard work , taking risks and betting it all, handling failure and rejection, perseverance, and picking yourself up off the floor, dusting yourself off and doing it all over again.