But my tax returns don't show much of a profit on my first year.  

So I'd like to spend maybe no more than $200,000 altogether on a flip, and walk away with $20-30k profit (gross). 

right now if she sells she gets the first $250K profit tax free. 

For me, I own almost all of my properties free and clear, and have very little overhead, so I am totally happy taking on limited debt at better rates and earning a great residual cashflow and just reinvesting excess profits. 

National tenants tend to do better as their sales and profit is spread out among many stores and locations so a dip in one location with eventual upside can be a positive.Another factor is checking to see road projects coming up and if the changes will impact the traffic flow from your area.

Depending on the size and your confidence in its ability to generate profit you could consider finding a partner to cover what you can't finance.

I'm currently flipping single family homes taking my profit and moving it into the next one. 

Hope you can see it and I can earn at least the two digit profit from this deal. 

Any money you have to pay out of pocket is a cost, that you have to recover before you start making a profit. 

Go grab your signs and throw them away.Of, if you're willing to engage in criminal activities to make a buck, look for more profitable opportunities than bandit signs and wholesaling.