How much did the rehab end up costing and how long did it take to complete?

After my P.M. costs I collect $940 or so/month. 

Are there any rehab costs?

Id keep looking if it was not an approved short sale ( even an approved short sale takes a very very long time and theres no guarantee that you will even close on the house after months of waiting). q1)There are plenty of non traditional lenders that could offer you construction financing if the numbers make sense but it will cost you with points and a higher rate.

I had few options so our cost doubled.  

Markets like Texas (San Antonio or Dallas) or North Carolina (Charlotte) could offer better cash flow with lower costs.

You need to know what things cost.

Definitely screen properly and don’t cut corners!

@Martti Eckert in our opinion, you'll need to be really familiar with construction, including costs, or be able to find somoen on the ground you can REALLY trust (but still verify).

As mentioned take a smaller cut to complete a deal if necessary.