I was considering paying the extra money to have a full appraisal done bc I know it would be worth the expense.

If she can't pay off her debts, why would she be able to pay rent on time and in full?

Finally, you need the right property because a) most won't cash flow very well with high leverage and b) it has to be something you see that others don't or you'll lose the deal to someone who offers the full down payment.

Thanks Jeff,Neither familial status, nor commute time is even remotely part of my screening - I was merely trying to paint the full picture about possible reason for bankruptcy (death of husband) and probably was overthinking all details. 

At the end of it all, I will pay income tax on my net income from the full transaction.

If you have a HML that is only going to charge you 3 points with no down payment PM me his info ASAP.Honestly doesn't sound like a great deal if it needs a lot of work to reach full value.

Asking price is $180,000.Needs full rehab.RSA5Comps on zillow go only so far. 

It was a full price offer with some concessions. 

Conventional financing - full price if no consessions 4.

I would say it is really only useful if you want to do it full time, even if you only want to do it full time for a year or two and then focus more on your own company.