If I can get the property for closer to $40k, this is how the financials play out:Purchase price: $40,000Closing costs: $2,500Rehab: $50,000ARV: $120,000Refi amount (70%): $84,000ExpensesVacancy: $55/moCap Ex: $55/moRepairs: $92/moWater/Sewer: $100/moGarbage: $75/moProperty Management: $185/moP&I + Taxes + Insurance = $741/moTotal: $1,303$1,850 - $1,303 = $547 monthly cashflowIf everything works out according to the numbers above, I'll end up leaving around $8,500 in the deal, which I should make back in roughly 15 months. 

I am sure that will come into play for properties in the future for me as well.

Do not drive for dollars, don't do bandit signs don't do RVM, do what all the other companies use that are succesful.Facebook ads, PPC, SEO.If you are afraid to spend money, investing is not the game you need to be playing.

Ryan - not to derail the thread, but I got two quotes that were similar so I figured it was what it was, but my mentor had the same reaction you did and thinks I played myself. 

Hello all, I am a student-athlete at Indiana University (Go Hoosiers) who just finished my undergrad and baseball career.

So now I am just playing the waiting game, but I would love to refi as soon as humanly possible of course since I purchased the home with hard money.

That tends to be the best play here if you are looking for a house hack.

He said that they would either TEAR IT DOWN OR DONATE IT IF IT DIDN’T SELL, which makes me think I could get it even lower if I played my cards right.

Going multifamily here is a solid play.

I'd emphasize that tax assessment of $700k means market value and potential sales price of well over $700k, exact amount depends on the exact location and condition of the house of the house and land.The best financial situation for your parents may be to sell and pocket cash from the sale, but I understand there are always more factors in play: maybe they don't want to move, maybe they couldn't afford buying another house that would meet their wants/needs, horse boarding, etc.As far as if this is a good investment for you, I'd say yes!