Operating expenses are very low because I use gas dryers (instead of electric), tankless water heaters for hot water, and high efficiency, front load washers to save water.  

I've done this twice: the first resulted in about $550 less in yearly taxes, the second only saved about $150.

The tide will rise and save all of us developers in 10 years, but being early is the same as being wrong.

I have been able to save ~$24,000 from my work from the past 6 summers.

Whoever is responsible for this I applaud you.http://www.10tv.com/article/11-year-old-girl-saves-money-college-flipping-houses

I have 1,000 and wondering if i should continue saving for my emergency funds or gamble and invest it.

Business experience and saving money will be of the greatest value at your age.

It's listed at about $200k and I'm definitely thinking of doing FHA financing but I'm unsure of whether I'd qualify or not for the $200k loan even though I saved enough for the down payment and closing cost, since I only make $15k a year working part time and going to school.

So since my girlfriend is currently on title and has owned the property for 16 years, we could save a big chunk of change versus an investor right?

Better to do it yourself and ensure it's done properly while saving money.