While the gross income is $3k a month, you still have taxes, insurance, utilities, etc.

I will get $10,000 on the front end, $300 (minus insurance) monthly, and $40k on the back end. 

I am paying $55K, value ~$75-80K, insured replacement value $100K. 

@Mark S.Something personal could have happened - like a family crisis, a health issue or even death.I like @Michaela G.'

And, depending on your water source, a well permit and quarterly testing for the Brevard Health Department.All the permits total around $500/year.I own several units in the Melbourne Beach/Space Coast area so I'm familiar with the local laws if you need some more info. 

Zestimate is $315K.Cash flow won't be great for me since I will be taking an expensive loan at 7%.Expenses would be: mortgage+taxes+home insurance= $1300Management fee of $100 will be waived for the first year.There are renters in the place with a contract till June 2019 and they pay $1635.What I'm considering is that:Get the place, have little to no cash flow and when the renters contract ends in June 2019 have them out and renovate the place and:1. rent it out for more or2. if the market is higher/ home value is higher after renovation, sell for a profit.What do you think?

I'm really worried about this, in addition to being worried about my moms health, I'm a mess.

You can buy a home to live in using FHA loan, low downpayment with mortgage insurance.

  ( For example Prop Mgmt or providing insurance).

These include mortgage payments, taxes, insurance, utilities, and HOA fees, etc. that occurs during the Rehab period and up until the property is fully rented.Are you sure you can get the property Refinance in only 2 months after purchase?