@Ahmed MoustafaThe general Fannie Mae guidelines you mentioned are for non-renovation loans. 

Would likely have to have a larger plot to account for growth vice a vertically- scaled arrangement (I'm thinking like condominium-style where the real estate is multi-story).

Out-of-state investors typically focus on larger cities like Louisville or Lexington, which dominate about 75% of discussions I have with OOS investors unless it's an STR market.

This way, you can learn the ropes before tackling a larger property.Also, when investing out-of-state, make sure you establish your Core 4 Real Estate team.

Just go through them, select the renovated/closely matching ones, and enter them into a model.Here's my fix & flip model, you can see the comps entered and some quick stats below them: Then I use that comp data to adjust the Sale Price in the model to what I estimate it will be (double check the resale $/sf is in-line with the comps), then adjust the purchase price until I hit my desired return level. 

Quote from @Marc Shin: I've been working with a contractor on some renovations and they are threatening to take me to court. 

I'd also recommend joining a local Indianapolis based REIA asap. the REIA will provide a group of investors who could get you some contractor recommends if you decide to GC the prop yourself.You said it "needs a little work done" but budgeted $50k so those two things kind of contradict unless the home is a larger home...just curious, what's "a little work", if you haven't had an inspection yet and don't feel comfortable evaluating the costs on your own?

With larger projects come bigger budgets, and tracking your cash flow becomes essential for profitability.

Should I keep it as is or renovate?

Based on the numbers, I could build them for prices to where I could then pull all the money out of the build and be all in at nothing down and still cash flow and gain larger chunks of equity so I can keep going.I'd live off the sales of the builds and build wealth off the holds I'd build.