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.

I studied Forensic Psychology in college while working a variety of food service jobs.

Its about risk vs reward.If you are willing to take the risk to be the developer, then you can reep the rewards.  

Commercial can be a bit more complicated, but rewarding. 

It really interests me and has so far been a very rewarding experience.I am glad there are some other Minnesotans here.

Your return on equity is pretty terrible so I would advise you unlock some of the capital, either by selling or taking out a HELOC.I always like the idea of keeping a property and getting a HELOC because you get to reap the rewards of equity without sacrificing your cashflow or the long term benefits of holding property.

In a nut shell, higher risk = higher reward.  

I have read a lot lately that indicates malls faring better are ones which:have an Apple storeare connected to a cinemaintegrate high-tech elements (such as interactive maps, strong fast free WiFi, mobile charging stations, gaming/sports screens, etc.)embrace pop-up shops in vacant spacesprovide experiential shopping perks such as a DJ booth, giveaways, etc.I think that with millennials now being the largest U.S. demographic (recently surpassing baby boomers) and their inclination to spend money on food, travel and experiences rather than retail commerce, it will be very important for malls to continue to diversify their offerings beyond just "typical" shops.