But the original loan was $80K on a $100K assessed property.  

As far as flipping goes, I have done several hundred of them and have about a dozen going on right now in 3 different states.

Using the following tax assessment what is this house currently worth / assessed at, $322,500?  

It's just one of those things you have to keep re-assessing.  

I am up to almost half a dozen places out there where my cost of entry is around 30-50K and rents are 700-1000.  

Once we do a final walk through and assess the house we will make arrangements to return her deposit. 

I have started using the rental property calculator to assess the profitability of  a typical 2 family in my neighborhood.  

I'm sure there are still deals to be had while including those fees but I find them to be more hassle than reward.You also have the HOA politics and potential for special assessments with a condo.Also with a condo the home value is more closely aligned with the neighborhood rather than it's stand alone features.

After reading online for the past couple months along with reading half a dozen beginner type REIng books, I think I want to get involved persuing real estate as a means of trying to grasp some piece of mind in terms of having financial security down the road.I'm very interested right now in wholesaling, rehab, and short sales.

I want to be able to look at the properties and do my own assessment.