Land investing is generally a smaller part of the portfolio.The reason is you are not depreciating the land for taxes and have intensive carrying costs ( money going out but nothing going in ) until you sell off the site or develop it yourself.A commercial piece of land could sell in 1 year or 10 years.

I can ask if @Tyrone Green's contact doesn't work out. 

If something bad happens with the property you have leverage against the lender for a workout solution as they have no recourse against the borrower.

You could work out the details but it would have the same effect of letting you roll the roof into your thirty year mortgage......Even specify roof details like an agreed upon contractor and scope of work.

How did this work out for you Kyle, I've been interested in homes with foundation issues but not sure I want to jump in that deep.

You will be able to cover your utility cost but you'll add a lot convenience to your housing offering.So, it's difficult to make a cut and dry decision just looking at the venture separate from the total housing service you're creating.Depending on the space, you could do some interesting thing to off set the remodel.Wild idea: consider creating a small office next to the laundry room (if there's enough space) then you could rent the office space to one of your residents.You could also create a small yoga/P90X workout area.

My model (at least in 2016) is to buy with financing, develop the scope of work and then hire the work out to others.

I know a few people making it work out for them.  

Did this property not work out? 

On the workout side you have a shoot at a reasonable return depending the time you take to get through foreclosure and the amount of rehab money that may be needed to market the property.