Its infrastructure was in pretty good shape but cosmetics were terrible with water damage, missing toilets, sinks, appliances, torn or missing flooring and large holes in the wall.

-Splitting out gas and water and installing a new water heater is $6500. 

Unless she brings something to the table in terms of REI expertise like a background as an agent, property manager, rehabber, or has the ability to find discounted off market deals or is at least super sharp and really passionate about a starting a new career in REI or something, I don’t see any reason why RE would be a better option than speaking to Vanguard and parking it in a high yield dividend index fund, if it isn’t already in something similar.

They purchased a water front property at a great price for cash (from sale of previous home) but are having trouble lining up the financing to do renovation.

It is now your responsibility to trim the tree and water and cut the grass.

So for Home Depot, City Water Bill, Farmers Insurance, Staples and stuff like that, I just do the quick add. 

Although we didn't go through him for the purchase of my parents home, my good friend and realtor Ryan Parker (now with Keller Williams On The Water - Sarasota FL) was great for us when we were looking at other houses in the area before I was able to convince my wife to go with our home now.

I am tired of the interest rate continuing to grow up to 5.25% this year and not cash flowing as well 975 in rents 520 for mortgage now with HOA and Water bill 180ish a month.

Maybe more.Where you can gain some money in this analysis is in the garbage and water / sewer expenses.

.  :-)  But no, I'm not on deep water.