Flip side, for a third of that you are trained to find properties using creative finance taking over existing low interest loans that cash flow and you are buying in decent neighborhoods with every day lunch box Joes that have kids and go to work and pay rent on time. 

When we order the appraisal everything will come up so it will need to be listed correctly or else the 1007 will come in low.3.

I wish I could say that I'm venturing into real estate investing for some benevolent purpose like providing low-income housing for the needy... but financial gain is certainly my angle lol.

Zillow says its worth $240,000, which I think is low, and would rent for over $2,000.

And the GP got cash, and low reported gain.  

Quote from @Miguel Del Mazo: @Bonnie Low I went to check out MiniStays a while back, and it seems like a good site. 

Internet capabilities are low, and no one wants to live there.

Honestly, I think you're estimated expenses are a bit low.

Strong rental markets with low vacancy rates are ideal for long-term holds, while areas with high ARV growth are great for flips.

The downside is you would inherit their very low basis.