First, they allow you to make lower payments during lean times, such as during remodeling, vacancies, or when you need to qualify for a loan before completing a renovation.

I didn't make any renovations as the property was already in good condition.

An easy flip at 7-10% return might be more lucrative than a larger project that takes longer and more chances for cost over runs. 

As @Terry Ouimet said...when you start off a project (or anything in life) from a bad/illegal foundation, it will never be right2) Yes absolutely we need to bring back or start anew with a proper green card/work visa program so we can get all of the LEGAL help we need in this country.

What’s your vision for your next property - do you see yourself leaning towards value-add projects, or are you focusing more on turnkey options?

Was about to embark on a new construction project in Gainesville.  

With your additional $100,000, you’d have a nice cushion to renovate or furnish a property like that.It really comes down to how involved you want to be and your long-term goals.

Repair costs in first 1 month of owning (this is renovated house done by seller, not me.

We've closed had a few luxury/jumbo STR's that way, where the revenue is surpassing projections. 

For me to build I would want to see recent comps of sales for the finished project you are planning.