It's worth mentioning I also require tenants to have their own renters insurance policy with at least 100k minimum liability.

Not to mention the tax benefits it allows. 

As Alex mentioned (thanks Alex), I run the Santa Barbara meetup.

my condolences on your recent lost.there are a few ways you can do this, as mentioned above you can take a heloc on your primary residence which will give you a second mortgage, first mortgage payment wont be impacted. you can do cash out refinance which will give you one mortgage and payment. it will pay the old mortgage and give you money in your pocket to pay for the rehab.or you can do a renovation refinance which is similar to cash out refinance but we would contractor involved  as part of the refinancing and they are paid through the loan

Even if you take the $250,000 the realtor mentioned it would sell for as your basis that would mean you're looking at an $80k gain: 380,000 - (250,000 + 50,000 improvements) = 80,000Since you want to buy a nicer home for your mom, a 1031 exchange may not be applicable if the new property is intended for personal use, as 1031 exchanges are for investment or business properties only.

But as Chris mentioned, buyer has to own the property, not a contract for deed or something like that.

Now I previously mentioned i was willing to pay more than my competition.

You better buy a great place, furnish it well, and take good photographs, not to mention iterate it with professionalism.

Quote from @Celli Mowery: Hi Jamesinteresting message -I know I’ve seen your name often on the Bluegrass Investors GroupI have spent the last 5 years investing in London and while some of the concerns you mentioned did exist when we started I’m finding we haven’t had issues with tradesmen coming from Lexington & Richmond for us in recent years.

The $1,500 net cash flow you mentioned represents a tightened rental return that could provide consistent passive income.