Looking at first deal. Would YOU do it?

[David Schach]

I have found what looks like a promising deal. This would be my first deal so any help would be appreciated.
SFR-
1- ARV $400K +/- $25K
2- asking $180K
3- potential short sale and/or default on a construction loan
4- needs $110K +/-$10K to finish

Does this sound like a good deal to lock up and try and sell for $190K? Would someone want to take over a house mid-project and finish it up, in a general sense? Is this something that investors usually run away from or look for? I have never done a wholesale deal, so what contract would I use? Where would I find a good template.