But I don't want to spend $10k to send post cards to get 10 leads and 1 may work out and don't have time.. 

YUP common thread locals make it work.. out of state investors while it can work take huge risks in rehab and refis.. in theory most things work.. even warp drive !!! 

@Erik BaumerI hope both of those deals work out for you! 

The job opportunity did not work out so we started looking for another home and are in the process of closing the deal.We have intentions to fix it up and live with her parents until the remodel is done.  

The math seems to work out well and it seems like I may be missing something.

If this particular deal doesn’t work out, I’m looking at other properties in a different neighborhood.

This way you can go into the property with the idea of fixing it up and selling it, but if that doesn't work out as planned, you still have the option to hold and cashflow off of the rental income!

I would have your own contractor check the work out.

@Daniel Fudge, if the numbers work out, you can do a cash out re-fi.Just make sure your new payments are low enough for rents to cover it... plus some.If you're refinancing it and turning it into a rental, you're probably looking at about a full 1% higher than an owner occupied mortgage.

If the numbers do not work out, purchase one or two smaller properties with the HELOC.