I would also try to take some books out of the local library on whichever particular area of investing interests you!

Most lenders won't do loans under $50k, and the only lender I know of that can will require you to have at least 20% of the total costs (purchase + rehab) liquid in your bank account or $15k, whichever is greater.You mentioned that you only need money for the repairs; does that mean that you are able to pay for the property up front with your own cash? 

Get rid of unnecessary expenses like cell phones and cable TV.

Cash flows well at this 4% rate and the refi rate of 5.5% amortizated over 25years.My bank has said they do 75% LTV on the purchase price or appraised value, whichever is lower.

That way, you can start getting used to some of the ways your cell phone might lie to you.Good luck to you!

I assume one would be charged to both parties, and then provided back to whichever tenant is left at the end of the 12 month or month-to-month term?

This is not meant to be biased, but you will find it surprisingly hard to discuss fine project details and give important direction over cell phone with someone whose English is not good.

Saying that, this house will always have a stigma and whichever comps you are using will need to be discounted as this house will never sell at the price of compsMy suggestion is that you bail

For example, can the bank tell us, “you need to occupy whichever apartment you can make available first.”

When it falls, which ever property it lands on is the new owner of that tree or limb.