In my area almost half a condo building is in foreclosure and none can be rented as that's the association restriction.Are you also factoring in:InsuranceProperty managementVacanciesMaintenanceIf you aren't sure of the costs then 10% is a good number to use for pm, vacancy, Maintenance.Plug all those numbers in again and see how it looks.Also you might consider going a little further out for a SFH or multifamily.

I'm almost a CPA but for half a year's more experience.Also, my dad has been notoriously bad at investing in the stock market.

@Casey Miles This is my 5th year doing RE, but it's only in last 18 months or so that I have really picked up flipping part of my business.

She would  able to pay half  of rent. 

@Dee Miles  Hi Dee.  

.- Live and breathe the comps- Know what stuff UNRENOVATED and RENOVATED sells for per square foot- Know your DAYS ON MARKET- Know the types of rehabs your competition is doing, LEARN what those types or rehabs COSTSStarting out it's hard to know the difference between a GOOD deal and a BAD deal, but if you know your buy and sell numbers along with your rehab costs you can SMELL a deal a mile away and more importantly you can evaluate the deals agents / wholesalers send you and also make accurate offers on direct to seller and MLS deals you dig up yourself.

Speaking of which can you cut that $1400 in half, roommate an option (house hacking)? 

They would rather move to other cities around 15 miles away.

I wish my kids had half the drive you display.

I tried to persuade him that dealing with this was going to difficult for him since he was thousands of miles away and not a US citizen.