I'm confused though as to how to calculate my gross profit. 

I would rather consult my owner financier and ask if they would accept a transfer of the loan to another person but that probably means you will not be able to profit as you imagine for such a transaction.

@Tracey WittkeTell her this isn’t unicef .. your a “ for profit business” When her lease is up don’t renew .

You're basically putting $50k down to simply counteract the HOA dues.

I simply find and finance the properties and assist in sourcing the remodel to sub contractors.My 2017 tax returns were just filed and I was filed as a dealer, but another accountant states I should’ve been filed as an investor.

The key here is not necessarily the numbers more about the tactic and if it’s LEGAL and POSSIBLE To DO it like this or if any one has tried anything similar to this: Property purchase price: 80,000Estimated Rehab cost : 45,000Property ARV: 175,000Hard money Loan used for : DOWN PAYMENT & FIXED COST.Down Payment: 16,000FIXED COST : 18,000 35,000 ( added an extra grand ) HML 35,000 @ 15% interest with 6 points Total: 46,250LOC used for REHAB : 45,000 @ 3 % interest.Total 47,000HML + LOC = 93,250Remaining Balance On House : 64,000 @jasonDiClementeHML + LOC + RBOH= 157,250House sells for 175,000 SP - HML-LOC-RBOH = 17,750 profit - tax about 11,000 grand ... not really a big number but like I said it’s all hypothetical.

They've left half the unit vacant simply because they didn't want to deal with a fully-occupied building.

Is the answer simply networking, going to events etc or is there a simpler way?

Very hard to make profitable, plus all kinds of issues with e.g. zoning. 

You could probably double or triple your profit each month with a STR, but you would probably quadruple the amount of headaches and responsibilities.