Should I hop on this Out of State Deal?

[Andrew Martel]

I've got a deal on a Fourplex. Since this is my first one, and I will be off site for the rehab. I'm trying to get the courage to pull the trigger. 

• 4 Units each 2bd/1ba 830 sqft ea
• Asking Price - 55K
• Taxes $2451
• Insurance ~1300/year
• Rehab Cost ~50K
• Hard Money-
• ARV Range $148K-$195K
• Rent Comps 700-850/month
• Property Mmgt 10%

Here's the thing, because of some other deals I have working at the moment (SFRs), I can only put about 10K down on this house, the rest has to be hard money. Plan would be to hard money the rehab for the next 6-12 months. Push to have the rehab accomplished in less than 60 days, and rent each unit for 725-750/month. This puts my cash flow around $655 (0% vacancy), with a hard money loan. After seasoning, get a home equity loan on the FMV which at 80% LTV puts me at 118K mortgage. This pushes my monthly cash flow to 1655/month. Exit plan would be to sell.

The numbers look great to me, but I'm just iffy on such a big project and not being at the location. Suggestions? Did I miss something?  Thanks!