@David Siegel, from everything I've read so far, I'll be surprised if you can refi conventionally before AT LEAST 6 months is up from closing (simply because, for that length of time, most if not all conventional Lenders will lend based on purchase price ONLY, not a higher appraisal).

There is a new conventional 30 year term loan for Investors on multi family 2 to 4 unit properties that will add in rehab dollars based on arv.

But, I don't have to do any of the major upgrades that I was planning (floors, electrical, counters, paint) immediately and can get positive cash flow immediately.If she decides to move on, then I make the improvements and put it back on the market at $900-$950 within 2-3 weeks. and get what I talked about above.If on 12/1/17 you take her rent to $850 then you're really only losing $600 a year (based on your projecttons) plus as you stated you won't have to do all the other work.  

Then use a web based application taking service like rentmarketplace dot com to take applications and do credit check.Read in the landlording forums on how to screen, write your ad (besure to put your written requirements at the bottom of your ad so applicants know before they call).In time you may decide to turn over management to a property manager, or an agent.  

I want to base my purchase on the current numbers/conditions and not off the potential the property has.

Based on the research I've done I was under the impression that the PM does run the show as you mentioned.

The biggest issue was foreclosures and lack of comps.I feel 65k is fair based on the cash flow, but I'm just trying to figure out what my next next step will be.

Here are some additional benefits it has over SD IRA:Great tax-shelter: contribution limits nearly 10 times higher than an IRA (up to $60K/yr)Exempt from UBIT on leveraged real estateGreater protection from creditors Ability to invest tax-free using Roth (post-tax) component Lower cost since there are no custodian, asset-based or transaction feesand more!!

The property was valued at 189k back in 2015 from based on the county records. 

Hey guys - I'm an investor based out of Nashville, too.