I asked my realtor why the low price and the previous owner owes $119k and is trying to leave the area.

I do understand that if I were to resell when the tenants are in place I would need to transfer the money, but I have some small maintenance items I want to address this month and instead of borrowing the money from my bank to make repairs can I use the last month rent money.  

Your lender is giving you an opportunity you wouldn't have otherwise (to buy, rehab, rent, refinance and repeat) and in this instance, looks like a fair (even low) price.  

If you would like to go into more depth on Co-Wholesaling, just reach out to me and i'll answer any questions you have on it.2) Driving For DollarsDriving for dollars is the cheapest and least risk for acquiring property (unless you are in a bad neighborhood, haha)in short:you drive around and take note of all the properties with deferred maintenance, boarded up windows, over grown grass, or obviously vacant.

We stopped using bandit signs becasue it cant be a real hassle and the respone rate in my area was very low.

No property tax issues with common elements, no complex hazard insurance policy to deal with, no common area maintenance issues to deal with.  

I'm starting off as a no to low money down type investor lol with so much more to learn.

Welcome to BP @Xavier Tazanu Check out Brandon's book on Investing with no or low money down, it's a great resource on creative financing.

Profit would probably be low but anything in the green to me is great!

Take care of maintenance, property management or whatever that you can to help pay dad back.