First Investment Property: Total gut rehab or turnkey?

[KB Bjerk]

Hi all! I am going to buy my 1st investment duplex in the next 4 months (BRRRR) and I'm tired of running myself in circles, but am not sure which route is smarter.

I am highly considering buying a foreclosed property from the city I live in for about $1,000 cash. The rehab estimate is 50k-60k for total gut in and out (foundation is good though). Houses in this area at mediocre condition sell for 50k-75k. I am attracted to this route because the property can be mine for $1,000 cash, and the rehab budget would put me at retail price, *AND* I will have the peace of mind of knowing that I have essentially a brand new house. No major costs should pop up anytime within the 5-7 year period I plan to hold it. However, I'm not sure what kind of financing is appropriate for me to do the 50k-60k rehab or if this is even the better option. 

I am afraid to buy an already decent property (I am adamant about this area) for the 50k-60k retail price and then have a disaster of things go wrong while I'm trying to cashflow it/get my footing.

Please offer your thoughts in as much detail as possible. Thank you!!

Kaitlyn