Additionally, I would absolutely connect with a wholesaler.

Recently I helped my landlord by doing a simple kitchen and bath reno which has now helped him cashflow an additional $200/ mo. 

(credit cards, cash, additional borrowed capital)-What are the biggest mistakes you made when starting off in the fix & flip arena?

Then she wanted to replace all the blinds to the style she likes (she did say she can pay for it), and she tells us that she has lung disease (she is 65, retired and has a court order where her ex-husband paid her significant amount on monthly basis).The realtor who has been on all the communication above told my husband she felt this woman would eventually bring a lawsuit to her and my husband.

Also in addition to vetting a deal sponsor, take an alternative route and ask that are currently equity partners in someone else's deals as to what their experiences have been so far.

The additional numbers and info you provided look good if it all goes to plan.

Create a mission statement and establish a management style that suits you.5.

It's 2 bed/1 bath each, and it's on a 10,000+ square foot lot with parking for 4 cars (two garage, two additional off-street). 

There's a lot of value add here, in addition to what's already there.  

Aggressively paying down the mortgage by supplementing the 500$ in cash flow with an additional $1,000 in personal income we would pay the mortgage of in approx. 10 years and save more than 120K in interest payments.