So I am motivated to finally cut my teeth with a fix and flip.

I am not a conservative person whatsoever but I recommend a minimum of six months of cash reserves to insure against losing your livelihood and more if you own a home in a cyclical market with 10% equity, have a commission-based position or low to medium job stability.  

With gold though you at least have something as long as someone wants gold teeth, rings, necklaces etc.

The old mortar is yellowed and comes out with no effort whatsoever.  

Gritting my teeth as a dare to say, hard money loan for the repairs and negotiate fiercely on the points. 

In lots of other places, no license is required whatsoever.

There is no uniformity whatsoever state to state on how the legislature decides to handle this, so this is just another reason to have any attorney structure this properly to meet the goals you have in mind.

The LOI is simply an understanding between the parties, it can be structured to have teeth but that beyond the scope of this question.An option when executed properly invokes an equitable interest in the property and depending on how it's written can force a sale should the seller later have a change of heart, file bankruptcy, or die. 

Aside from expected teething problems for my tenants, so far, so good.

It is unlikeley that there is no income whatsoever but she may qualify for at least food stamps.