Obviously, I don't know anything about your finances, so for all I know, you may have a few million in the bank, and this project is just a fun experiment that wouldn't even be a drop in the bucket if it all turns south...but, regardless, you'll want to model out what would happen if this project crashes and burns...As you may know, managing a rental in a D to F area (or even a C area) is usually not recommended (for many reasons), and funding a rehab with credit cards is also usually not recommended (again, for many reasons). ...even highly experienced investors often won't touch anything lower than C grade because of all the difficulties of managing and re-selling them...If you're dead set on rehabbing the place and keeping it, I'd strongly suggest studying up thoroughly on the local rental market and tenant pool (e.g.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

Obviously if you need to drain the bucket then its a nonstarter as theyll fill up within a couple days during the summer.

@Aaron LandauThere is a huge bucket list...  

You're coming from CA, so $350k is a drop in the bucket in your eyes, but in the normal world of RE, to pay $350k for a property and have drug dealing outside the property is not ideal.Florida is great for STR's.

If i paid off my first rental, it would bring in $2750/mn (before quarterly taxes/expenses) and then i would have a bucket of equity to tap into if i ever wanted to buy more property.

., etc....and even with lots of skill and preparation, things willstill go wrong (vacancy, plumbing leaks, bad tenants, unanticipated capex, furnaces that kick the bucket at the absolute worst time, etc.)

@Todd Goedeke - (#1) I don't think I implied there were taxes on distributions from a Roth Solo401K (or Roth IRA), you already paid income tax on that bucket of money. 

No one is really doing anything special out there with pricing in the construction market - almost all lenders are in the similar bucket, so I think it becomes a question of what's important to you and besides pricing, is there anything else about your current lenders that you'd change? 

.; inconsiderate housemates, broken leases, furnaces that kick the bucket at the WORST possible time, etc., etc.).

A lot of these podcast guests fall into one of these buckets:-Started with a bunch of money-Made most of their money selling education before buying deals-Don't actually do nearly as many deals as they claim to-They own a tiny piece of a bigger deal (LP)I still listen to podcasts a lot but you can't let the guests "successes" demotivate you.