Coaching can be useful, but if a coach is actually highly experienced and good at what they do, they won't come cheap--and again, your money might be better spent elsewhere... 

Opening an LLC is generally super cheap and easy and provides a solid blanket over your assets for most legal issues.

If the property is in one of the cheap Midwest, or South States, the $100K equity loan may have less value in an overall deal.

Learn how to manage construction, read market trends, learn how to run numbers, take classes (just watch out for the sales pitch at the end of every cheap real estate class), read books, join groups.

It's highly unlikely he will find another place to rent for that cheap. 

Fayetteville also represents a pretty awesome Real Estate Market in NC, especially great for Rentals and Flips (tons of Military in need of housing, and very cheap price points in Fayetteville as compared to some of the other Markets in NC, like Durham or Charlotte. 

.- Do we rent my house and live on the cheap at my BFs?

It's a decent neighborhood close to main roads and shops that's been improving year over year, which is nice, however I feel kinda dumb buying such a (previously cheap) house for $55k.

There are a couple cheap ways to automate marketing to motivated sellers and plenty of free ways if you have the time to put towards it. 

They are out to maximize their profits, so they buy cheap properties, do as little rehab possible and then try to sell for overmarket value if they can.Unless you plan on taking advantage of your relative, you probably want to have a chat with them to figure out what would be a good investment for them - Cash-on-Cash, ROI, etc.This will help you narrow your search, acquisition cost, rehab budget, etc., so you deliver what they want.Now, if you work extra hard and find a way to squeeze more money out of the deal, you should benefit from your hard work.