You won't have to exit an excellent property. 

I think you've done an excellent job of laying out cash flow and then calculating your actual taxable income.  

Does anyone have links to (free) great ROI formulas, excel spreadsheets, or calculation sites?

It is excellent.

The neighborhood house with excellent or very good condition was sold with price 110-150K, with average DOM 2 months. 

They want to see that you have your priorities in order, meaning your child and family comes first before everything else and that if real estate investment is your calling, you're passionate about it- probably that the few hours of free time you (like any new parent) have each day, are spent developing excellence and experience and education around real estate investing, not in tv or the other trivial things that so many of us pursue each day.So I would suggest you get stable income, then begin pursuing your real estate license, then educate yourself on investing and get all the experience you can.

@Joshua Koo  There is a conventional loan option with just 1% down, but it requires excellent credit (700 or higher credit score) and is only available for 1-unit properties (no 2-4 units allowed).  

Or perhaps you know of someone who may be looking for such a person.She is an excel wiz, extremely personable, great on the phone and so organized it drives my type B personality crazy haha.I know this was random but figured there is a huge community of great folks here so why not!

Third, if you can come up with credible comps (I.e. recently sold similar land) for the lot, you can use that as the basis for your calculation.  

Would anyone have a preventive checklist on an excel spreadsheet with the type of repair to focus on and the months/seasons of work?