But I believe this is an up and coming area - my home is one of the first tear-down-rebuilds in the area, with more remodels / tear-down-rebuilds in the works (there are a handful of remodels in the neighborhood).

I am staying up north but can be down there a few times per month.

I invest in Brandon because cash on cash return on 20% down is around 12%.

@Andrea Chacon this could be a huge problem down the road when you try and refinance.

Just think about the worst damage a tenant can cause, such being liable for setting your rental house on fire or burning down your rental house and the neighbor's house, etc.

Rates have come down a little in the past few weeks.

There are a lot of low down payment programs you can use when you owner occupy the property.

How much are you putting down on the property?

However, I'd recommend contacting an attorney for a quick review; it could save some headaches down the line. 

I can never know for sure if the pipes or wiring was replaced (my biggest concern), I don't think an inspector can actually tell as well since you have to tear down the entire house.