The cost is the same for a roof on a house that rents for $800 per month is the same as on that rents for $1800. 

Maybe that is gross profit when you sell it, but what about the cost to build it?  

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

His course will cost you 5k plus the downpayment of say $2500 on a property that likely needs work before it's ready for inspection. 

If the trade value of an old shopping mall is less than the build cost of a new storage space or warehouse, then it doesn't make sense to build a new storage space or warehouse, just buy an old shopping center.

The family viewed the house, loved it, and requested that I install satellite TV and add it to the costs, which I did.

Many months of costly vacancy, local market rent & resale deteriation, special assessments, property taxes and maintanance fees suggest a quick sale would have been the wise thing to do 2 years ago.

You'll likely also reduce your cost of living by moving to a stabilized apartment.Depending on the cashflow and debt paydown, you can use this strategy until you've built enough equity to reinvest.On the other hand, getting into a multi-family after refinancing will also help you build substantial equity to rinse and repeat in the coming years.

It doesn’t cost you anything and gives the tenant time to rearrange their entire life around your decision. 

I am estimating the note would cost 2.5k per month at most.