Quote from @Aj Green: Quote from @Gregory Wilson: The real issue is how much of a deposit do you have to try to get back from them.Sure, your contingency might work but I assume you gave the deposit to the seller.

How quickly can you get the work done?

A word of caution here: you really need to know what you are doing. it sounds so cool when someone posts how they bought land for 200k and then sold it for 400k etc.

All have different perspectives in terms STRs and how your neighbors could potentially impact the experience.

That's how the banks do it.

If you are thinking of investing here let us know. 

Watch the house to see if they abandon it, which they probably will.Buy some books and educate yourself on how to be a better landlord.

Second thing would be to work with a contractor, this is great stuff to do since you know building a house, building material costs, and knowledge of right and wrong what to do. 

I think a vast majority of the time the problem is that the companies are poor business people who do not know how to run a business.The other problem is that new companies pop up daily and the simply cut and paste marketing copy.  

That ensures you don't spend it on other things and that you know exactly how much you have available to spend on the next purchase.