Sounds like going this route may help me work out the financials a little easier and living on the property could help with my learning curve overall??

Make sure your family is comfortable with the fact that some deals may take way longer to turn around or simply not work out.  

If you're going for a VA or standard FHA loan, it'll need to be replaced before closing; otherwise, it's up to you and the seller to work out the terms.

Try and work out exactly what you want from the investment and what amount of time you want to spend on it.

I usually sell notes I can't work out on there.

The owner wants me to spend a few thousand dollars to pay her attorney to negotiate a short sale with the bank that may or may not work out.

Anyway, we've had abysmal luck with contractors in Denver (so much work out there due to the hot market) so the rehab took longer than expected (8 months) so we carried 3-4 additional months of carry costs from the original plan but all in all worked out in the appreciating market.  

I am new to bigger pockets and I love working out so if there is anyone out here that is near Dallas Texas and wanting to get fit or just work out, we can plan something out!

As of last week and my emails, they seem to have connected.I'm sure it will eventually work out, but as with good lessons sometimes, you pay for the experience. 

Here's a very basic formula that would need to work out in order to BRRR successfully... keep in mind, this doesn't account for your rental portion, just the buy, rehab, refi portion.