For comparison:Currently working on a 1350sf SFR, needs full perimeter excavation and foundation repair, tear down garage and rebuild (including footings), driveway remove and replace, gut kitchen and 2 bathrooms, minor wall repairs, paint, flooring and light fixtures, new electrical panel, furnace and air conditioning replacement.Total rehab cost is $56,000.I couldn't imagine your property needing more work than this, which leads me to believe that you're contracting your repairs out at a cost that prices you out of the property. 

"I'm rebuilding the transmission."  

My 2013 was to find a new household in Washington (I had to move for my job ) that would eventually transtion to a rental; rent ou my old primary residence in Georgia, and rebuild my reserve / cash available that i used to put down a dopwn payment . 

I think one of your main targets should be the Vollintine-Evergreen area, which will have great prices, solid tenant pool and is seeing a lot of community rebuilding efforts.

BP didn't help me quit anything, but helped us rebuild after  everything came crashing down when the market fell.

Just know the market.I would also suggest quick deals, you're probably qualified to rebuild a trash heap, but timing could be critical in the market.I do not HELOCs at all, as far as I'm concerned, it's 30 day money, then it's at the whim of the lender.

I am looking at houses that just need cosmetic rehabs and not total rebuilds or houses with structural issues. 

I walked in one day and they were pounding all of my bare studs over one inch rather than rebuilding the frame.

Their house at a discount.I have closed 6 deals this way and I have 3 under contract to buy two will be rehabs, 1 will be a tear down and rebuild.

It would take a long time to list everything we did to the house, but it was essentially a total gut and rebuild adding a full master bath and closet.