I'd recommend taking a step back from the situation, look at it from a 10k foot view and wait until you can approach this with a clear mind and heart.

I had in my mind it was around that much, but couldn't remember where I got that number.

There are a ton of resources to help you learn on this site.Attend local REIA meetings and connect with like-minded investors: http://www.biggerpockets.com/meetRead the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingListen to the BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/

- property management fee (someone has to manage this property, even if your self managing you need to pay yourself for your time) I would use 8% for a property management fee ( there is a whole litiany if charges such as placement fees etc that get charged as well but to keep things simple let’s use 8%) keep in mind your area might be unique i would call some local PM’s to get a feel for the cost.

:-)  No harm though if you want to run 6g wire for that extra peace of mind.

Premium, Par, or DiscountWho do I have in mind to buy?

Also keep in mind that the definition of a gift would entail not providing your mother a rate of return. 

Keep in mind, I was still responsible for urgent repairs/habitability even though the tenants were there illegally. 

My original plan was to remodel my home and use it as a rental but seeing how much equity i have gained in such a short period of time I have changed my mind. 

We had the city tell us one thing and months later they changed their mind...long story on that one but we didn’t get anything in writing and they had some people changes.