It was THREE weeks and multiple service calls before it was fixed properly.  

An idea I had, following on Rayland's (Seattle)'s idea was to sell the project, with approved plans ready to pull for construction for maybe $50k over cost, and ask for a % at the backend, with the understanding that I would stay engaged in the entire process for learning purposes, while minimizing risk during construction phase.

Do you have multiple rentals that you run through your checkbook IRA? 

Just be aware that it took a while and I had to call them multiple times to get it sorted out.

I understand wanting to have multiple sources of potential leads.

The price seems to be about $200k less than anything you could find in San Diego county.I agree with the other comments that you should always go with the worst-case scenario in analyzing the deal (plus the contractor is a better expert for repair costs than your agent, but I would get multiple bids).It doesn't seem like there is enough meat on the bones for this deal. 

If the area is stable or growing in population with multiple strong employers, then I'd be comfortable investing in the market at the right prices.

My pro forma provides financial performance for a range of financial metrics such as cash on cash, IRR, equity multiples and discounted cashflow.

Have you looked at multiple financing options? 

Plan for a single digit rate and 1 or fewer points if you look around aggressively, assuming the only issue is the rolling 30 day lates (I'm not licensed in your state, but am showing that for a California scenario with multiple 30 day lates in the last 12 months).