Net profit could dip to $20k-$40k, which is tight for this scale of project.Consider adjusting your reno budget or negotiating the purchase price.

To clarify another point @Tiarnan Gormley: I EMPHATICALLY disagree with any & all advice being given of: sit-tight..... wait..... be patient.... watch paint dry..... do nothing..... 

With $150k here you’re just a little tight on budget but can make it happen if you self-manage and do your own furnishing and design.  

To thrive in real estate investing, you must maintain a firm grip on your finances.

Maybe just under $600k at 95% accounting for closing and keeping some (tight) reserves.

Private lenders or even creating a small syndicate with a group of investors might also be worth exploring, especially since you can point to your uncle’s track record and your own experience managing rentals as a selling point.If timing is tight, you could look into a bridge loan to secure the property while figuring out a more permanent solution.

Demand may be higher and supply continues to be tight. 

To thrive in real estate investing, you must maintain a firm grip on your finances.

You really have a great position here.If your private money runs out or runs tight, then you can explore other funding options like hard money.

To thrive in real estate investing, you must maintain a firm grip on your finances.