That's how you care for your friends and family. 

However, you have to be extremely careful financing 100% of the transaction as you still need reserves, closing costs, etc. and make sure it cash flows.You didn't mention if this would be a rental or owner occupied. 

Amanda Frecks brought this property to our attention, identifying its untapped potential.

Can't say for sure, but I'd be careful.

Your equity is $61,400 (you also paid something to renovate but I'm not sure we need to care too much about that for this example).

Since you won't be close to the property, a PM will help you take care of everything from far away.

To be brutally honest i don't care if it's at cost, below or above, I only care what it is exactly and how much. 

Also I dont know the state of the house ie is it completely derelict and trashed or what not, as previously stated i dont care about the house, just the land.

And again, you'll get advice from posters that could not care less whether you follow it to the "T". 

I understand that it's unrealistic to expect anyone to treat your property with the same level of care you would, but the company we hired has been a NIGHTMARE.