I'm just not sure yet if a 10-12K after taxes, closing costs and reinstating the payment is worth the risk. 

Here are the details:Asking price: $125,000Sq ft: 1,197 Bed/bath: 3/1.5Property tax: $725Insurance: $800Down payment: $10,000Calculated mortgage: $889Desired rent rate: $1,100Cash flow: +- $200If anyone could analyze the numbers and let me know what they think I would be so grateful!

I am currently using software called Lender Financing to keep up with the payments. 

With rental property, the delays and fees associated with each expense payment can be a barrier.A self-directed IRA LLC will provide you with checkbook control.  

I know that it would be prime for flipping, but I don't know if it's a wise idea to try and flip a property when one, I'm still a poor college kid and can't afford to make the payments while work is being done and two, I'm a ten hour drive away from the property.

We have a deal that we've both walked and we like the potential and here is what he'd like:Twelve percent interest only, no payments for 6 months, and two points.

And he said that she said it's a long process(most likely pertaining to payments or the bank?)

We each put up an equal amount of our money to cover the down payment plus rehab costs ($50,000 each, for argument's sake), and I get a mortgage for $250,000 (my name only on the mortgage, not both of us).  

If interest rates rise, landlords may not be able to cover their mortgage payments with rent increases.

Some Banks require the ground rent payment to be escrowed.