I got an idea of how real estate deals go but I know when your actually doing the deal there's many intricacies that may or may not be covered from a general guide.

Go with the prefab and cover over the window or remove it. 

The city is permit heavy, topography/bedrock for new housing can often add cost, and Duluth is very pro union in the trades.

ok.....so my buyers closing attorney did not figure this out as he didn't even know the bill existed......the may 15th tax bill covered March , April , May and June...so part is in arrears and part in advance

The condo fees cover the big ticket exterior items, so I view them as forced capex savings.

Assuming $5k for minor repairs, and that you'll need to cover her $2k closing costs, that means your all-in cost would be $107K - $112K for a house with an ARV of $120K. 

Also, maybe by coincidence, but probably not, FINRA is the body that oversees the Registered Representative and Principal exams (Series 7, 24, 63,65)Given those facts two things jump out at me 1) any newly accredited investors will have a heavy finance, securities, trading background and will prove their knowledge through some sort of exam/certification/license that has nothing to do with being accredited, ie.

I do see the value in being able to use FHA financing to acquire and potentially fix cover your rehab costs but based on the necessary repairs I would ask for either a significant reduction, the current owner to complete all major repairs, or just move on. 

If you were to take 25% of monthly rent to cover these expenses your cash flow would be as follows.$925x0.25=$231.25$925-$660-$231.25=$33.75 in cashflowTake a look at these additional expenses in your area and what you need to pull out as reserves for future expenses.

Just a quick thought, you might be able to do a house hack near your school which could cover your housing cost and make college a little cheaper.