If you did buy it, something to consider would be to ask if you can work alongside the contractor you hire.

We have transitioned out of REO work for the most part and work on our own rehabs along side full rehabs with the out of state investor. 

Follow up- under contract today through a wholesaler,  client added my commission without a hiccup...another wholesaler who can't even write a contract on his own making 5x more than me...grumble grumble

The biggest hiccup I have is that most of the work is not in repairs as much as it is in updating and upgrading to match the neighborhood.

They’re investing –and benefiting – alongside people with the same interests: homeowners.

The price was closer enough to them realizing they better take the deal or loose out to the cash buyer.Sellers know they don't have to wait for loan approval and other hiccups that can happen with financing. 

Some leverage works as a tool, too much and the slightest hiccup can bring the whole thing crashing down.

I look forward to working along side some of you and sharing many war/success stories (mostly success). 

I'd suggest meeting with a lender now for 2 reasons.  1) You may be ready to go sooner than you thought.2) If you are not quite ready yet, they may be able to point out other things that you can work on along side of improving your credit.  

There are essentially no students, mostly working professionals, and almost all the units have been recently remodeled.I am renovating one unit entirely at a cost to complete of around $6000 and another unit is being 100 % renovated by the seller which caused a small hiccup in the loan process.Anything over $200,000 seems quite high to me, even close to the University.