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

I remember working with a friend who inherited his aunt’s home.. he got so caught up in the emotional side of it that he forgot the nuts and bolts..like having a good plan for the renovation budget and timeline.

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

My budget is in the $200-250K range.Please feel free to let me know if additional details would help, and thank you in advance for your time and advice! 

His IG videos are low-budget and I have seen grade schoolers make better vids. 

Have a clear budget and stick to it.

Budget between 300K and 400K.Any areas that have the potential for a good cash flow?

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. 

My wife and I have overhauled our personal budget to reflect the 'pay yourself first' approach (allocate in order: income comes in -> invest -> donate -> fixed expenses -> variable expenses -> fun $$).We are looking to see what experienced people generally recommend for a holding tank for that 'invest' allocation while we target our first real estate deal.What financial vehicles have you guys used that works well for this?

Eliminate debt, establish a budget, and save.