Our risk tolerance is probably a little lower at the moment than when we didn't have kids, but still very interested in attaining financial freedom! 

Currently just finishing up the investing portion, and actively looking for our first home.

Ask them to pull comps of what other houses in the area are selling for - only manufactured homes.Looking at your listing, the finish quality looks ok but the manufactured walls don't help. 

Logic would say the day i finish my renovations and the bank appraises the property is the day i can take out my money.

After they finish one project, they typically scramble to find another deal.

So after I finish college in 2008 I was fortunate to either buy my dream car or save it in the bank or be smart and use it to pay 25% of my student loans.

I just finished a BRRRR in Redmond and have another one in escrow.

Their desire to rent temporarily has been for several different reasons including waiting on a suitable home to purchase, until their children finish school in a certain neighborhood, they don't want the bother of repairs, or as a separated parent to stay in the same vicinity as the ex for the kids' sake before setting roots in a more desirable area. 

Unless it is going to be an executive rental, you will want durable finishes.

Thanks @Matt Geerts it was a little rocky but it sounds like we should be able to get it to the finish line.