Glad you have experience investing locally. 

If so, self-managing properties might not be the best use of your time - In any case, I'd encourage you to talk to multiple local property management companies, keep the above in mind, and understand how they approach management.In my experience, property management isn’t just about finding the right tenant or collecting rent—especially in a tenant-friendly state like Rhode Island.

A buddy of mine who invests out in Phoenix once had a client facing a similar timing mismatch on a rehab project.. they ended up working closely with a local credit union who was more open to interim valuations.

Also, connect with local investors—they’re a great resource.

I honestly wouldn't trust anyone else with my clients but him when it comes to that local market.

And don’t sleep on local banks or credit unions—they sometimes offer flexible portfolio loans that could work for a deal like this.Since your wife qualifies as a first-time homebuyer, check out any state-specific programs or HUD options for down payment assistance.

Need more information about local comps, the condition, and state of the market.

Contractor – This is one I really need help from the bigger pockets community in the local area. 

I wasn't able to attend the webinar on Friday.

If the locals say it's rare then I would not worry.