I'd suggest you get with a 203k lender in the oranges or newark area and find out what you qualify for.  

I've seen similar new duplexes in Apopka (NW Orange Co) sell for over $400k with rents in about the same ballpark.

I predict that the rehab will go very, very slowly... and you'll have a tenant that will use every opportunity to not leave.Conflicting tenancy law with contractor law, liability out the yin-yang (if he gets injured working on the house... in Georgia he could sue the living daylights out of you for making him work on the house he was living in and leasing from you)This is a bad idea on so, so many levels.

Carlos here is the link for the Orange County association and for MLS Salesperson only. http://www.ocar.org/Membership/MLS-Only-Salesperson.html

And to further add to the disclaimer, I tend to work in nicer neighborhoods, so my perspective is skewed as far as subject 2 strategy.So anyway, back to your question, I generally find it hard to do subject 2 wholesale deals in Orange county.

The inland empire and areas of Orange County already.

I also like that the newsletter is available in the middle of the page it's highlighted in orange.

Define the problem then solve for a solution.Since you're dealing with a bank, I'd suggest you not get too creative or do something they are not aware of, you probably don't want to wear an orange jump suit everyday.BTW, welcome to BP, where anyone can end up with one of my silly posts, they aren't meant personally, just having fun in the forums.

I'm familiar with all four quadrants, NW & NE, SW & SE, the communities and subdivisions, demographic and economic profiles and current markets specific to each area.I am a cash buyer and I actively network with RE professionals/investors throughout central Florida.I also invest in Citrus and Volusia counties, currently branching out to Orange county and looking to step into Alachua county. 

My name is Patricia Orange and I love all things Real Estate!