Treat BP as another course while continuing your degree and you will be rewarded for putting in the effort and taking the time to see how real estate really occurs (and not just how they teach it at University)!

That technically leaves them with 1,800/mo for food, gas, insurance.

You will want to look at comps.Hopefully this gives you some food for thought..... 

The rewards are very satisfying and enjoyable. 

Just try not to take it personal because In the end, you will still reap the rewards. 

I'm looking forward to building relationships here that will be rewarding for my family and theirs.

I remind them how much they look forward to their pay check because they have to pay bills, buy food, and need it to live on and I feel the same way.

Keep your risk/reward meter in the sane zone.Flips - after you take all the risk and do all the work, your silent partner in the IRS will be waiting for theirs again.  

Then as a realtor find them a new, nicer place to move to using $X.Fix the property for $Y, list it on MLS with you as the realtor, and sell for $Z in such and such timelineForm a partnership with them whereby you invest the $Y funds and effort to fix the property and then you sell for $Z and split the profits ($Z-$X-$Y).Fix the property for $Y and don't sellDo nothing, and live with the disrepair until the house falls apartAnother hint is to figure out what the seller ultimately needs and wants, and structure the offer(s) to give them what they want/need and still fit within your parameters to create a real, honest-to-goodness win-win, by each of your own definitions of "win".Ultimately, the thing that it sounds like is bothering you and your wife may be that you would be "tricking" the seller by being less than honest and creating a win-lose scenario ... it is GOOD to think through these things ahead of time, and then think though it further to design a business model & systems that ensures that this does not happen and that you can still find deals ... this is harder to do in the short term, but more rewarding both personally and financially in the long term.

I'm brand new to the website and to real estate in general, but am very eager to learn, meet new people, and start something different and (hopefully) rewarding.