Here are some options: Hard Money Loans: These are short-term loans typically used for the purchase and renovation of properties.

Yes - you should budget all the associated "costs" with the rehab including renovation costs, holding costs, selling costs, etc. 

------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

And south of that street is going to be newer, larger homes, a tier up. 76542 is actually very similar to that general rule as well.  

We are now at 100% occupancy in our apartments and our restaurant is committed to a 3 year NNN lease and a $150,000 renovation at their own expense.

For doing an STR well the larger properties are best and it needs to stand out amongst competition to perform well. 

The larger ones are selling for 300 to 350 per square foot new construction depending on the lot.

Finding a deal worth pursuing is one thing but managing a renovation out of state is a different ball game.Do you have renovation funds to use outside of your down payment + closing costs?

We do full renovations, baths, kitchens, small jobs big jobs - all the jobs!

I did some decent renovations on it, and it's very close to downtown Phoenix (8 minutes - no freeway needed) and close to the main university hospital in downtown as well.