Since the comparable sales in the neighbour hood are going for 180-190k, I am thinking of offering for 120k, I could definitely try to sell it for 180k. which means I can probably flip it and make around 25 to 30k in profit, which would also be equity if I keep the house.  

When I responded and told him it keeps the neighbours 14yr-old from taking over telephony exchanges {a gross generalization} that was all he, and most of the room, needed/wanted to hear.As you point out, these folks are experts in their own right ... and a presentation on a real-estate property should be more readily accessible.

The bank owned or short sale in same neighbour hood is going for $25k.

Why wouldn't you charge the same amount to the tenant as you do for the neighbour? 

The unit has free parking for two vehicles, and if renters work at the neighbouring hospital that is a great deal because they charge $70+ a month for employees to park.

@Todd PlambeckYou may have picked a poor analogy ... my neighbour has chickens, so I just go next door when I need fresh eggs ;) I understand your explanation, my curiosity and amazement arises from the observation that wholesaling seems to survive due to market inefficiency. ... and where does the "bird dogger" end and the "wholesaler" begin?

Recently I have received several inquiries from investors in Greece, and several other Countries in Europe, who are seeking private or hard money loans.

Real estate here keeps going up.In 2010, we bought a townhouse in the neighbouring City, close to where I work.  

I'm actually in the same situation as you "sort of lol" just following the news and everything happening with Greece and the feds not raising rates for almost 6 years and on top of this talk of war and dollar losing value can make things scary to move forward.Note I'm also new so take my advice and research that's what I did anyway but from reading what you wrote your goal is passive income so honestly it really don't matter really if one thing is true you make money when you buy that is a fact.

Bike trail next to house and no back neighbours (there is a business building behind).