It was bought at public auction a week ago now.

I bought my first home this fall.

This won't be the case for turnkeys right now because of where we are in the real estate economy in general, but because I bought at the perfect time in Atlanta, all my turnkeys have doubled and tripled in value. 

They bought it for 30K 10 years ago and completely remodeled it.

I have NOT been able to do this as much as I would like to here, and it's hurt me a bit so far.I would further recommend Option #1 on your list, and I would recommend @Craig Curelop's approach to house-hacking (IMO, his podcast on the BP Money Show and the straightforward approach he lays out is pure gold for anyone thinking about househacking in an expensive metro area).I would buy my first book on basic home maintenance before I bought my first property, specifically How Your House Works by Charlie Wing.

We bought the property in May and had her sign a 1 year lease, and she got ahold of us yesterday and requested a written approval for HUD for a 30 day notice.

Not much concerned about cashflow, just equity and payoff so the home flows almost all profit in another 12+ years.A buddy of mine has an 1200 sqft 3/2 in a decent area with good elem and middle schools and just ok high school.He bought about 10 years ago at 125K. 

It's no better than working at the Verizon store, in fact it's probably worse. 

I always want to be sure that the area is safe for my tenants, and in the event that I had to show up, I wouldn't feel like my life might be at risk in the area where I bought the house.

I just bought a deal that was great and the wholesaler made 36k, which is more than made on it, and I congratulated him after I saw it at the doc signing.