Now I’m looking into the Detroit and Ohio areas (Toledo, Cincinnati, Cleveland, Columbus) since they seem to have growing populations and affordable properties under $200k as well.  

If you're a wholesaler, dont risk your deposit, and don't waste our time (unless you have a sweet off market deal!)

Are there risks or hidden costs I might not be considering?

In many markets section 8 is higher than market rate. and investors need that extra return to mitigate the risk of sec 8 tenants generally speaking.

I have considered doing a TIC/coop in San Dego but have the belief, without any data except for how I would value the financing challenges and tic risks, as being much greater than 10% price difference from condo price.  

Taylor sent multiple email inquiries to our insurance provider asking what risks their policy covered.

You could also try to find a seller who wants to do seller financing and take a risk on you, which would be challenging to find.

Now I'm really torn, but think it just has to kill it for the issues of risk.

This is verified based on the good schools, department stores opening up (Costco, Target etc.) as well as verified investment from Jerry Jones (Dallas Cowboys owner) and the city to grow the population.

I also wouldnt let your mom go into 2nd position on an investment property with any sort of restructuring; it doenst sound like she's in a position to risk being wiped out.Overall, though, if you want cashflow on the new property but cant achieve that after a refi into a market rate loan, it probably makes more sense to just flip it, pay off your heloc and your mom, and use the remaining capital for the next deal.