depends on the property and how much you know about it  ….possible to do a " pre inspection " ..this  has been popular in the NW  in  multiple offer situations

So here’s my situation..I am about to graduate college and will be working in my field full time in order to be approved for a mortgage and financing to pay for renovations for my first flip.

I've had a few clients in your situation here in town.

When they go to sell they underestimated costs and time become super stressed.

I think you got lucky- if $50 is make or break for her, she probably isn't in a stable situation.

Thank you for the insight and different perspective on the situation it was just what I needed.

You business model is that of a flipper and this is an "accident".You can see how many things in your specific situation could go either way depending on what was actually going on. 

I can see a situation where you and a person very experienced in property management team up and form a company to acquire assets and each of you get some sort of split of the revenue (and expenses) of that company. 

If you don't have some extra cash left over after the end of the month you might want to wait until your cash flow situation is a little better and you have saved up some money.  

This property is a major problem and a huge project, it is going to take lots of time and energy and stress.