I respect what you’re saying but if you are waiting for a 60% drop in prices to buy here, you’re going to be disappointed. 

Some people will say that that is an extremely expensive way to learn.

I think the most important thing to do to make sure you are ready to act quickly when a good deal arises is to be extremely confident in your numbers.

I am extremely excited for him if it all works out (and especially excited to come visit him, as often as I can!)

You are taking on a property that is extremely aged and will constantly need your attention.  

These might make sense for someone to whom the death benefit is extremely important but may not be insurable (and otherwise wouldn’t qualify for life insurance, for example).Many death benefits increase at a particular interest rate (usually the contract’s guaranteed minimum interest rate) until a certain age (often 70) and then the “enhanced” part of the death benefit goes away.  

(this is why a run down property in a tough neighborhood will have a higher cap rate) As already touched on above, cap rate can be misinterpreted, misrepresented, and deceiving, so learning about how it is used correctly (and incorrectly) is extremely important.

All and any help would be extremely appreciated! 

It's extremely rare to find anyone willing to go past 70% on a flip.

I budgeted 4K for labor and the remaining 7k for material which I knew was an extremely tight budget (even impossible) in order to get the property to the condition it needed to be in to fetch that 50k ARV.