Any advice or recommendations for funding, mentoring, partners, real estate brokers or attorneys would be most appreciated. 

That would be awesome, but probably pretty rare.

My biggest mistakes that have cost me dearly have all been contractor related, so my advice would be to vet your contractors as much as possible. 

In this scenario my DTI would be $3000debt/$12000 income?

They tend to be what most people target.

There are two types of return from a rental propertyCash Flow & Appreciation.I normally also aim for a minimum of 8% return between Cash-Flow and Appreciation.Appreication, nationally, is around 2% to 3% annually.Therefore, your goal is to get the cash-flow to be about 5% to 6%.The issue is interest rates being very high, you would therefore, need to buy at a pricepoint where the numbers still make sense.You can always put down more of a downpayment to cash flow, but that will impact your cash on cash return calculations.Best of luck!

I was referring to Owner Occupied foreclosures in particular, when warning to stay away from foreclosures in certain states.I agree that door knocking would be the best way to get these deals down.

If you do it all above board, you would pay taxes on the rental income received and your daughter would be using post-tax dollars to pay rent which isn't the most efficient.

I would like this to be an investment property.

I currently live in Wilmington, NC, so Birmingham would be about an 8-hour drive for me.