Furthermore ... after a bit of complaining ... he said the builder would eat the owner's title policy fee.  

That will eat up $125 of your planned cash flow right there.And have a conversation with the owner to try to get the price down from where he is right now.  

I could sell some of my rentals, but that would eat into cash flow and I would have all the tax implications or try to time a 1031 which means I'm either selling low or buying high. 

If you've got no other money you can make your own bandit signs with a super-fat black marker and pieces of cardboard.

Don't want a heck of  a tax bill that is going to eat up any cash flow I might realize on the rental property.

If she owes $285k then she's going to have closing costs that would eat up the rest of the $10k asking price so she's probably just looking to get out of it. 

I won't mention the "waiting for biggerpockets to respond" stuff, or timing out after sending a long post and losing it or being able to eat a sandwich while I scroll up the page to use the back button or go to the forums, all that can wait...... :) 

Very good point about property taxes eating into the profits.  

There are always a ton of little things that have to be done on a rehab like this that go unseen, but they always manage to eat at the budget and time.

I live in fat northeast philly not far from Franklin mills area