Once you have answers to some of these questions, then the decision to use/pay for a mentor will be easily answered and the type of knowledge you really need from them will also come out of this. 

The property is a 3/2.5 that needs moderate rehab; can easily add a fourth bedroom and turn the half bath into a third full, update the kitchen and bathrooms, move the laundry from the kitchen to a dedicated laundry room, throw up some paint and other cosmetic stuff.

With a project cost of $850k ($700k purchase plus $150k rehab) at 81% of the $1.05M ARV you are approaching a break-even deal at best.Since many on this board don't like rules of thumb, here's a detailed profit and loss estimate based on your numbers, a more realistic six-month turnaround, and typical hard money rates in LA right now.Assuming perfect planning, you will earn about $62k or 6% of the ARV, which is way too low and easily eaten up by a small rehab overage, construction delay, or a fair counteroffer of even $1.00M.

For 225k, you could easily get a brand new home 2000+ sf with nice amenities.

In addition to getting lots of fresh air and exercise,  You can much more easily dive down alleys and dead ends and quickly pull a U turn to go look at that algae-covered FSBO sign in the bushes.   

Its plenty safe, but would not be my first choice to live in.Here are the numbers:Potential offer price $70k20% down = $14k + $2k cc= $16kRent: currently rented at $1000/mo but the market should easily support $1,100Vacancy: 8% = $88/ moInsurance: $500/yr = $42/moTaxes: $2850/yr = $238R&M: $88/mo????

Can they be interchanged fairly easily?

As soon as I and renewed the lease the tenant wrote me this long message with all these thing wrong, including drain smells bad(she’s been putting bleach down the drain to kill the odor, the lights in the kitchen and bedroom are flickering(this ones easily fixable) & the bathroom floor is in-caving because of water damage(she suggested a new shower door).

I’d easily pay a couple hundred bucks a year for that peace of mind.

Sure if your buying turn key properties in B class in ABQ you might be spending $150k and only be getting $1.2k in rent each month which is .8% or if your looking in A class areas you could easily spend $200k+ for homes that might rent for $1.5k and those are definitely harder to cash flow but have better appreciation.