I have a remodel happening now that my funds are tied up in.

Full kitchen and bathroom remodel, new floors, drywall, interior and exterior paint, landscaping, and misc.

A lake home with a hot tub that's remodeled should be appealing and it's worth a look. 

I'd probably give 60 days if it's for a remodel, to give them enough time to find a new place and not have it be a nightmare for them. 

If you do plan to flip in that price range you're going to need an intimate knowledge of the area, demand drivers, and how to remodel these older homes efficiently. 

We've had it done on several homes that we fully remodeled that had the old prices and pictures.

I went to this "Remodelers Outlet" store in Fall River MA, and they offer cabinets from a brand called Wolf.  

This will get you experience in remodels and much lower down side than a normal flip because you are literally living in the house (so you know exactly what is going on and 0 travel time) and you are utilizing a low down payment, low rate program like a VA loan.

I will definitely be looking into this one the remodeling completes.

Something that is a new build or recently fully remodeled you can get by with a lower number.