Come up with a budget.

I would slow down and think about your BUDGET, what you can get for $30k, and how you can increase your income.

Since you won't be able to recognize it as a valid rental if you're charging under market rent and you also expect to be covering any house expenses that are outside of her budget, this seems the best choice. 

That property looks fantastic actually, I think sorting out the budget would be our biggest challenge.

I think that rehabbing a property is no small feat, especially if you're trying to maximize your budget.

I figured this could possibly put me in a good position for a cash-out refinance when I’m ready to move on to a second property.If I stick within my budget, Philadelphia seems to offer the most housing availability, but I’m concerned about most houses available being in rougher neighborhoods.

Have a clear budget and stick to it.

While time consuming, I did learn a lot and was within $2,000 of my initial budget.

Generally as a new fix and flip investor you would want to target cosmetic projects that do not require an extensive rehab budget.

Budgeting?