I have told my dad that absolutely under no circumstances should he provide her with money to go to school.

Of course at this point I would be looking for an equity partner (most likely family) as I do not have 300k + to exhaust, but I am just looking for your thoughts on my circumstance.

But the circumstances are not promising either way.  

I can't imagine an insurance carrier covering a landlord under these circumstances, if they did I would think they would need to be informed of what's going on and agree to it, and with a higher premium for that risky time period.

Here is a section from my FHA loan (emphasis added):"Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control.

Or that there may be specifics to your circumstance that make less than a year OK.Some of those factors which you have to look in the mirror and discuss are - actual length of time held, past history, current practice, documents like emails and discussions with your professionals, the reason for selling - like the need to change geography or an unsolicited offer to purchase, or a contract price that meets your stated long term appreciation goals.It's not a question of what is OK.  

What's one thing you'd do differently under those circumstances and what's one thing you'd definitely repeat? 

Your first rehab is going to take twice as long as you estimate and probably cost 30-50% more if you're lucky, so you should make sure that buffer exists.Whatever you do, if it's a good deal, in Los Angeles you're going to have to move fast, and if it's around for longer than a few days, then you're going to have to seriously look at why that is.You might consider joining a group like Invest Club for Women and partnering up with someone you meet there on the first flip.Good luck!

Typically note owners are able to offer something called a "deed-in-lieu" (DIL) of foreclosure that allows you to sign over the deed and walk away from the house and the remainder of the debt instead of losing it to a full foreclosure depending upon the circumstances.

I'm active within a women's volunteer organization, the Junior League of Denver, and am looking for someone to come speak to our group in January on the topic of financial fitness and general financial planning Q&A with a group of around 40 women from the denver-metro area.