If you dated for months, really had an intention to tie the knot and even gave her an engagement ring, but it did not work out in the end... 

Your capital is available to do it, but that doesn't mean it will work out well.

They have a place they could potentially close on by the end of the year, but its new construction and the closing is subject to change based on the builder (and the area was just in the path of Beryl, so that timeline could have been impacted), so if that's the only thing they're thinking of exchanging into, I'm inclined to suggest they consider consuming the losses now for simplicity's sake, especially if the exchange timeline can't be guaranteed to work out.

Flips are labor and time intensive but are good for cashflow if done right but can be difficult for new investors without a good mentor.

If 2 work out you’re probably onto something and can get bigger while barely risking principle…  

I imagine myself getting into more rehab intensive (possibly even BRRRR) projects as I build my portfolio and experience!

Doing nothing and expecting the market to figure things out for you generally doesn't work out.

also - traditional, vanilla LTRs don't cash flow anywhere right now without some kind of niche or creative or hands-on or intense strategy. 

The evictee will be in there giving great advice if anything doesn't work out...It's important that you document what you screening criteria are (a policy) and stick to it. 

If you find this route won't work out, and decide to keep it as an investment property, lenders will want to see the following for a short term loan: 1.