I don't need a quick buck with these my hope is that over time the owners in this area come to me when they are ready to sell. 

On October 17th, THE house hit the market, and we were ready to jump. 

That 5K could be eaten up quickly by repairs that were not visible up front, and then there is still the fact that there will be closing costs too that will consume that 5K (even flat fee listing on the resale with a 2.5% commission to buyer's agent will take more than 3K alone).Maybe this can work as a "subject to", but that is another topic - and it might not be a good candidate for that approach because you still have that big rehab number.

@Michael Facchini Thanks, I may take you up on your offer if I feel I find a property I'm ready to make an offer on! 

How much work does it need to be rent ready or is it already rented out?

Moving a large amount of stuff is expensive and time consuming.

They will naturally tell you big jobs are time consuming.

That is a massive amount of monthly debt to have in addition to your primary mortgage and any consumer debt that you would have.

So this is a second home for now, then I suppose when I'm ready to move here full time, I can make the move.

Final payment cannot be demanded until the contract is completed to the satisfaction of all parties.Signatures of all parties.A clear and conspicuous notice stating: That all home improvement contractors and subcontractors shall be registered and that any inquiries about a contractor or subcontractor relating to a registration should be directed to the Office of Consumer Affairs and Business Regulation Home Improvement Contractor Program, with the Office's address and phone number.