If so then it doesn't sound like a great deal.  

This sounds terrible at first glance because of how often FHA deals fall through BUT the property will cashflow $1000+ per month after rehab.

While that might sound great it can be a nightmare if more than just a few investors in a TIC.Tons of those failed during the last downturn because when the property needed repairs, refinance, or considering a sale there was lot's of infighting and opinions of what to do.

I’m a newbie here but it sounds like the guy saved you time and attorney/court fees.

It was a fixer-upper and from the description sounded like the kind of house I'd be interested in so I sent an email and text to the contact info listed. 

It would take 11 years of losses to equal the $20,000 in equity so that doesn't sound to bad.

You sound like a wonderful daughter!

Sounds like you are committed to the project (complete plans) so get a bid from the guy at 150 but have him get sub bids and show them to you.

(That sounds like lot, but it amounts $83 a month.) 

In my area those are either super run down duplexes or in super sketchy areas.My next plan was to try to find a decent single family home with multiple bedrooms and rent out the other rooms, but I wanted to try to avoid the whole roommate situation.My next plan was to try to buy a condo or townhouse because they are cheaper, but then I am paying the entire mortgage myself for about the same price as just renting an apartment.Do any of these ideas sound worth it and possible with only being able to spend a maximum of 7k out of pocket?