I highly suggest that you tune in to the BiggerPockets Podcast and connect with the local lenders and brokers of the market you choose.

Anybody local in AZ up on this?

Obviously, I don't know anything about your finances, so for all I know, you may have a few million in the bank, and this project is just a fun experiment that wouldn't even be a drop in the bucket if it all turns south...but, regardless, you'll want to model out what would happen if this project crashes and burns...As you may know, managing a rental in a D to F area (or even a C area) is usually not recommended (for many reasons), and funding a rehab with credit cards is also usually not recommended (again, for many reasons). ...even highly experienced investors often won't touch anything lower than C grade because of all the difficulties of managing and re-selling them...If you're dead set on rehabbing the place and keeping it, I'd strongly suggest studying up thoroughly on the local rental market and tenant pool (e.g.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

Hi Rohit, I am a local Investor & Realtor in Mcallen TX, I own a few rentals myself and usually have no problem getting them leased within 30 days.

There are no residential properties on the road that is getting removed but it was a road people used especially locals to get access to my site and shopping center.

PROPERTY MANAGER (call local RE brokerages and ask for some recommendations)3.

As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

@Adam Bartomeo yes we figured out builders risk from a local company. locked our lender down as well. 

I am curious to hear the comments from the local real estate community too.

Secondly, the property itself has had a lot of non paying tenants in the past so for me personally, not sure if that local neighborhood is really a winner for me.  1031 exchange requires you to replace the property within a certain period of time and i just cannot find anything in that short window.