If you sink 30K into it what would it be worth?

Good places are Arlington and Fort Worth in my view.Townhouses and condos are difficult beasts, I would prefer townhouses, I have some investors friends that they didn't want to go with a mantainance headache so they bought townhouses, but those are expensive and they are Long-term.Condos are a bit old in DFWHowever, all deals on that you would need to have an investor friendly realtor to help you with.

For cash-outs on investment properties - you can typically pull up to 80% of the value out, and it will take 25-30 days. 

what is the development worth once stabilized?

Do you agree that this is nto a worth while deal?

Turn key typically comes at a premium since its designed to be "hands off" but make sure that premium is still marginally in line with the rest of the market.   

The rates for a purchase money loan (one where you take the loan out to directly acquire the property) vs when you do a "cash out refinance", which your loan would be if you chose to pay off the line with a loan on the primary residence, it typically done at a higher rate.

Also worth mentioning that you only have 15 days to submit the bid declaration.

It will take work, so let's say you break even or just make a little, will it be worth the year's work you put in to it?

It isn't worth it in this environment.