Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

There are organizations that can provide the family with rental assistance; every municipality has one - and the assistance covers utilities as well. 

I can only come out of pocket to cover mortgage so long.  

By providing the necessary funding and covering renovation expenses, we ensured the project stayed on track and within budget, leading to a profitable outcome.

I would agree with Chris, I would not use debt to cover all costs and then hope to get a good pop on the sale to cover all the debt, payments and still have some in the end to make a profit to do it again.

  $36k - $16k = $20k or $1,600 per month net income left to cover all other expenses...same as above.Median household income in the US is over $80k or more than double these two zip codes.

$6000 is a large mortgage to cover for a vacancy. 

Unfortunately, there was a stop work order in place on the property, which the roofing contractor was told by BTC was resolved.  

A fair entry point seems closer to $225,000-$250,000, but the terms of financing could justify going slightly higher if cash flow can cover the payments.

I've not covered everything but just given you a start.