If that's the case, the fees will eat up some of the money I put down originally.

This is what can really hurt a flip as taking 200 days instead of 90 can eat your lunch.

(since it would be owner occupied).One way I see it, we could set up and LLC and the business and myself would have a stake in it, but I feel like this is overkill with just one small property and would probably eat a lot of the cashflows (from an already tight market) from the related expenses.

The only thing that would shock me is if she had decent credit.You really need to up your standards or real estate investing is going to eat your lunch and give you a wedgie to boot.

On the main level completely renovated eat-in kitchen with upgraded granite countertops and Energy Star stainless steel appliances.

On the main level completely renovated eat-in kitchen with upgraded granite countertops and Energy Star stainless steel appliances.

Holding costs, closing costs, selling costs can often eat up 15-20% of a deal. 

Any agent fees and closing costs may eat up any profit.  

You don't have to set your sights as high as $700,000 you can find Multi's in good neighborhoods in good repair (though they will need updates) for $450-$500k+ , the problem you'll fid with house hacking with an FHA loan (which is the cheaper option) is the mortgage insurance will eat away at your returns and depending on where you buy that premium may cause you to only break even.

Short story you can have your cake an eat it too.