I’ve done a house hack that I held for two years and flipped for a good profit.

From a cursory glance, one is in a more desirable area and may net you a better profit.

so further thought process what better way than he can experiment with a 1 to 2k home actually buy something to be the proud owner and then see if he can resell it and make a profit all being totally legal.

What I can offer you is getting you the right price, ability to hand any issue when it does come up, and the support after the sale to keep your new property profitable.

Also, does anyone have any general advice in pursuing a 203k loan?

I have read a couple of articles that bemoan that homeowners in expensive locales will suffer, however little to no impact to less pricey areas and a net probable boost to landlords.Live in flips will certainly be less profitable if the capital gains exemption increase from two to five years! 

Rent roll, profit and loss statements and expense report are not trustworthy.

She has a $300,000 gain (profit) on the sale.

You'd be far better off to see if your county has public access to mortgages in arrears notices notices online somewhere, and pursue the preforclosure route, as best as I can tell.

This is because state law is not favorable to developers of condos and those developers have been burned so badly these laws that they can profit more and have better tax advantages by building "condos" renting them for a decade and then selling them as condo's 10 years later.