In the end the seller has to be motivated, I would keep an close eye on the property and keep following up with the broker. 

There is more to it than what you read on websites or meets the eye.

Lesson - always keep your eyes and ears open for potential investors and partners.

Security system, lights, fencing off the property during rehab, talking with neighbors to keep an eye out, etc.

So, we're keeping our eyes open for our original criteria but also know acknowledge that sometimes it makes sense to upgrade especially when everyone else is looking for what you were originally looking for. 

He has a very good eye for what can be done with a property to significantly increase value and cash flow.

People say there is more risk which is true but you still make people sign agreements with very strict rules, take deposits or buy insurance, plus you are there on site so you can keep a better eye out, and the amount you can charge for a fully furnished vacation rental will cover vacancies, and turnover cost are generally low.

And if you want to watch them roll their eyes, and never talk to you again, ask them if they'll wait until when and if you sell your rehab, to get paid.

In the eye's of the Assessor, a recent arms length transaction for a residential deal is the best evidence of value.  

Keep an eye on her property and take regular pictures to identify what is on her property in the event it migrates to yours in the future.