EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Thanks, Kyser Some HOAs have transfer costs.

If you have $50k to invest then you will probably be looking at properties in the mid-to-high $100s (assuming you're putting 20% down + closing costs and a little cushion).

My advice is to buckle down and save enough for down payment, closing costs, and emergency/rehab fund before you make another investment.

I’m gaining knowledge of costs to replace certain things in the house.

If you were to wait until the lease ends, can you afford to carry the costs of the property until sold?

All that matters is what you net after selling costs minus what you paid for it. . 

It would also lessen my out--of-pocket on either hard money costs or cash I spend, so I'd have more to work with to acquire more properties.

If you assume the loan then it is a qualified assumable so have to jump through many hoops and it will end up on your credit which may effect your future transactions.  

Option 1-sell it back to her ie tell her you want all of the money back within 72 hours PLUS all of the costs you incurred or will incur (eg mortgage penalty) as a result of her not moving or you will sue her.