Numerous people have posted recommending a rental(s) over a flip.

There are still properties that cash flow in Inglewood and I've recommended to numerous clients to invest here. 

I've also written several detailed blog posts on the process and what is involved in making it happen.My personal experience here in Western PA on two projects that I considered working on as an approved contractor and also my numerous interactions with 203k-approved contractors and investors who have tried to work with the program is that the bulk of contractors in my area come to this kind of work expecting to charge what I would call "high-premium" prices for their work and to recommend, occasionally with an expected financial understanding with the 203k consultant (kickback), the widest possible scope of work on projects to renovate the house.

Regarding the small MF element, I agree with Dave's thoughts. 

I got a substantial discount at inspection because of numerous issues, and they also promised to fix certain items to be completed one week prior to closing, which they didn't, so that I negotiated another $6,500 in seller concessions for me to hire someone to do the work they had promised. 

Bought numerous properties for $1 when the market was down in 08 through 11.

However, the investment was not without numerous challenges.

This is an uncommon style of house in the area but it is very southern and it would serve my purposes of incorporating an outdoor livable space that is protected from the elements and also helps to create a Thermodynamic breezeway removing heat from the house which is very important here in Florida.  

This provides accountability if time is a critical element and the contractor is new to you or has been flaky in the past.

Put a lot of lighting - so it will repel the bad elements who do crazy things at night.