In almost all investments, you should have a solid base of reliable, cash-flowing, and hopefully appreciating assets before striking out into something new or riskier. 

There are some things that are extremely useful.

I've never had something that low, but I'm also looking at roughly $30k in equity on this property. 

Make sure you get paid something. 

However, I do agree that in the beginning it is wise to focus but not so focused that I don’t see open doors.So if I were to pick something now, it would be to buying performing 1st lien notes.  

It could be anything... a mistake in estimating, a cost overrun, or something like the place burns down and the insurance wasn't properly taken out, or theft (of the money outright) or theft of materials along the way.    

Some states the entirety of the hoa lien is extinguished, some the entirety survivies, and some it's a 6 or 12 month claw back.

And using ATL as a sample market, something in your price range will probably need to be a condo or townhouse in order to be turnkey.

You can get something more modern and electric.

But something to keep in mind.