If I were in your shoes I would buy the property,  (assuming there are no other liens) and then look for other investors,(unless you have the funds yourself) to help with the much larger revitalization project.

Finally, it was going to create an additional cost because the shoe molding/trim would need to be redone because the concrete is lower than the existing carpet.

High crime areas you may be the next one in line to buy this property to turn it, only to be in the same shoes several years from now.

A poor person spends their time looking for deals/sales on food, clothing, diapers, shoes, etc... which saves them money on purchases that take money out of their pocket.

If I were in your shoes I'd pick a Roth all day long as it's tax free when you cash out.

Hi @Megan Moulton-Levy First of all congratulations on your first project I wish I was on your shoes!

I too am in your same shoes.  

Not in your shoes @Ha Dang.

Interest rates are at an all time low so if I were in your shoes, I would get a loan on your home and invest the other funds (keeping a portion for cash needs for your investment properties).  

I am in your shoes as far as finances and I am starting slow as well.