It really seems perfect for a tubing/kayak rental sort of business (my wife and I paddle quite a bit).

Real Estate investing is all about timing, recognizing market trends, knowing when it's too late to catch the incoming wave, and when it's too soon to paddle into the next one.

I know I'm probably (definitely) up a creek without a paddle (or a twig), but I'm sentimental.

The House Hacking Strategy by @Craig Curelop is another awesome resource for anyone looking to get into house hacking, and was a big paradigm shifter for me trying to find something in an expensive market and learning about renting by the room.

Now she seems to be back-paddling on some of the claims she made then about ARV and how fast we would be able to sell it.

You are solving a problem that they have, not pitching mindset shifter....

The initial question is one we would all like answers too but you can’t force anything, especially numbers, so if you take a loan with the risk of running out of cash, you’ll be without a paddle up ***** creek and your only luck is depending on someone else.

I will say if you didn't run the numbers prior to purchase, compare rental rates, or accurately estimate the "mild renovations" you could be up a creek without a paddle. 

Any sales price over $440k plus closing costs is cash in their pocket.If they really owe $730k then they are up a creek without a paddle and the only two options would be a short sale (which they have to work with their lender to accomplish) or just stay in the house until they are foreclosed on and are evicted.

Here are some general specs: 8 br/4 ba Over 4300 sf3 storiesMajority of the house outdated Lots of knotty pine ceilings and walls Unfinished basementMissing copper pipes (stolen last year out of the basement and never replaced)Roof 10+ yrs Well waterSeptic systemPond on property (large enough to paddle boat on)My plan of action is to first see if the owner will allow me to get a pest inspection that I will provide to a contractor and ask for a bid.