Let's say at 6% over 30Yrs will be about $960 per month(Principle/Interest) with the remaining  interest only portion $40K costing roughly $200 per month. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!

My father is a contractor so we will be able to complete most of the work ourselves while keeping costs low and add equity.

This lowered my cost basis per lot by 7k.

We abated the walls, and that added $10,000 to our costs.

I wondering if I can deduct any of the repair, closing cost and deprecation on taxes. 

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Maybe that is gross profit when you sell it, but what about the cost to build it?  

Or if you want a lower monthly payment, then do the 20% down.You can also negotiate credits with the sellers to use towards your closing costs or rate buy down.

In my business for example we texted about 35k people last month and got 163 leads and about 3 contracts out of that.What does that work out to "cost per contract"?

I personally do not prefer to hold high cost SFRs as LTR investments.