Look at all of the costs and then all of the revenue and make a decision based on that. 

Another note on construction cost, going vertical is very expensive now and would require have a great connect with a developer and a builder in the area.See what rents are in the area and run the numbers to ensure the rents will cover your costs and give you a solid return—using the 1% rule can help.

Your cost basis would be ALMOST zero if you ever sold.

Seems like it's in a lower end area so if it is filled you will have tenant issues and turnover cost.

It's EXACTLY why GLASS STEAGALL was implemented.

What is your price range and what do you consider to be a "medium" rehab project, rehab costs = to 25%-50% of the purchase price?

I’m also glad the FCC is cracking down on robocalls for lead generation; it forces people to commit to real prospecting instead of cutting corners.Over the years, I’ve run a solid brokerage team, training agents and now I help people get into wholesaling.

Buy a fourplex so you have a place to live and three rentals to cut your teeth on.

Calculate how much more in interest, lost profits, etc it will cost you to have this “blip” on your credit report.  

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.