With your current estimates, you're essentially assuming infinite lifespans for the property's various components (roof, foundation, HVAC, electrical, plumbing, water heater, etc.). 

I also listen to the BP podcast for several hours a day while I clean and maintain the gym and bathrooms. 

I saw it says basement is open to both sides, you May also be able to look at other income opportunities there, laundry, storage, additional bedrooms or bathrooms, etc. 

We had to do everything to the house: re-wire, new plumbing, take out walls, bathroom, kitchen, you name it. 

I am a carpenter by trade and enjoyed living essentially free in one of the units of the building I own.

Since you are essentially only focused on half of the business you should have relationships with your buyers.

You are essentially betting your family home that you will be successful and that nothing will go wrong in the flip.

Budget price for a property: $200k maxCAP Rate: essentially my mom wants around 6-8%+ return.Ultimate Goal: to have cashflow $40k+/yr within the next 15 years.We also are not interested in the buy and flip strategy as my mom wants passive income through renting out.

It is a 14x66 - 2 bedroom, 2 bathroom home with a 12x18 3 season porch.This home is extremely clean.

I'm looking into a 3 bd house that is under 1,000 SQF and the bathroom is rather small and can only fit a standing shower.