Benbrook, Justin, White Settlement may be better areas but I’ll defer to the Fort Worth guys on that.I’d be surprised if a house that rents for $2,500 sold for less than $400,000 unless it was a burn out.Good luck!

Consider:  who collects on insurance if the place burns down 95% through your rehab? 

@Robert Burns Some lease option investors source deals from agents.

I own a couple rentals in Oklahoma City, currently have four leases, and I’m already wanting to throw my small 3 foot high filing cabinet I bought at Walmart in a burning garbage can...including all contents.  

I've seen these things eat chunks of grease-soaked drywall and wood from cabinets, so if  you've got some saturated wood in the cabinet, cleaning the surface won't get rid of them.You might also have to change carpets also - since there's really no way to fully clean carpet...I've also seen german roaches infesting a burned out unit feasting on burned greasy cabinets and walls.   

If you can stay where you are now without burning any bridges, I suggest you stay there for the two months you need to save up for the down payment.

For example, an unwanted, inherited property that's 1,000 miles away.For those who contact me wanting to submit unreasonable lowball offers, no. 

That could potentially burn a bridge with that particular GC.

Investors get burned by contractors all the time. 

Nice guy but he relapsed and covered the heat lamp it the bathroom with a towel and left it on, started a fire, towel dropped and burned plastic tub, corner of cabinet, soot everywhere.