Given the facts and circumstances that you have mentioned, you'd benefit greatly by working on the stuff in your life that distracts you and is preventing you from reaching your goals.

I would not purchase at market values under any circumstance.

In light of your circumstances, take into account the following real estate investing strategies:Fix and Flip, Buy and Hold, and BRRRR (Buy, Rehab, Rent, Refinance, Repeat)Always keep in mind that careful preparation, thorough research, and modifying your approach to suit your risk tolerance and financial objectives are the keys to successful real estate investment.

Always weigh the pros and cons of each option based on your financial goals and circumstances.

Am I here already or have I made a mistake in my numbers assuming everything I layed out here is correct.Depends on your circumstances and goals. 

Given the unique circumstances and the specific changes made to the property, offering the price the owner was asking before the remodel seems like a fair starting point. 

Rentals might be more feasible given your circumstances, as they require less time-intensive work upfront.As for capital, consider starting small.

Just knowing some of your circumstance, here are my thoughts.1) Read your lease. 

For this circumstance (where I've got enough of a track record where he trusts me, but I'm still a small multi-family investor without major deals under my belt and he knows I've never used solely OPM before--should I expect to get more than 20% equity? 

Balancing a 40-hour workweek with real estate investments is certainly practical, and many successful investors have started with similar circumstances.