My opinion.. try out something local and if you can't afford it, then you probably should probably skip the $6 Starbucks coffees for a while, steal McDonald coupons from senior centers, sell your new car, and ride the bus.Not always the case.

If the assessed value is lower than market value, it could be because the current owner is entitled to tax exemptions (homestead exemption, veteran's exemption, and senior citizen's exemption are a few examples), and these are sometimes also tied to limits on annual assessment increases.

No 2016 Tax return because I was a senior in college.

I am in South Florida; in our tri county area- Palm Beach, Broward & Miami Dade counties, we have one of the highest percentage of senior residents in the country.

The exception would be if your serving a market that caters to a student target demographic, such as near a college or senior housing target market.

If the bank is willing to sell you a note for $7M below total debt, I'd wager there is either a senior lien in front of them, a big tax liability or other deficiency in the property/loan to warrant them selling it to some sucker.

I am actually a US citizen who lives in Canada.

The college has a pretty good co-op plan from what I understand, (Alternating semesters of work and school -- gives the student a full year's worth of full time work experience before graduation) so if I can get a job through that I will be in the college town for a total of three years, Junior, Senior, plus an extra for work. 

I've never done a flip, but have always wanted to dive right in and learn through taking action.Here are the numbers as a rental assuming it won't need much work to just get it rented out:Purchase price:  $80,000Market Rent:  $1400Expenses (PITI, CapEx, PM, Vac, Rep):  $1066Cash Flow:  $333CoC Return:  25%Possible BRRR as non-rehabbed comps are around $120,000Flip:Purchase price:  $80,000ARV: $150,000Repairs:  $24,000Holding costs:  $2000Cost to sell:  $9,000Approx Net:  $37,000 before capital gainsNow I know the rental return looks great but here's the kicker: the mother had three different tax exemptions (1 owner occupant and 2 senior citizen exemptions) and once those fall off the taxes will go from $3550 to around $6200.  

I am a foreign US citizen.