I am completely new to Real Estate and I am interested in Investing in vacation properties. I found a place that I would like to purchase for my family and also learn what it takes to flip the property. It is very g...

In reality, your costs have nothing to do with it--rent prices will be set by the market. 

I want the rents set to $1100 and she is willing to pay the $200 out of pocket each month.

Have to do your best to help everyone feel comfortable.You never know who will share the golden nuggets of advice that set you on a great path.

it is my preferred method for renovation and retail selling.repair costs are always set at retail prices to make sure the buyer is safeguarded, and does not come back to say that the repair costs were 10k more than you said.

Usually at 25% of the appraised value set by the county.  6 months of rent pays for the house. 

@Daniel Hansen you are set up to succeed.

Ideally we would like something that accommodates us (two separate units within a structure- rather than one as it was set up) and, ideally, also gives rental income too from a rented part of what we invest into.

I'm working somewhat regularly in Atlanta, so we're planning to set up a house-hack there.

Or should I wait and have my own agent arrange to see the property (it's also a friend so they're going to help be an extra set of eyes on the investment also).