Adding second story was big bonus.

Also if most of the houses in the area are around the same size and are rented/bought then I don't really see it as a problem.Plus it has a big yard, screened in porch and a two car garage so those are all nice bonuses to maybe counteract the small house size.

Bonus if the lender is licensed/certified in OOS markets too.

You may also want to put into contract that if the rehab is completed x number of days before expected deadline, contractor will receive a 5% bonus and if it is completed x number of days after deadline, a 5% reduction will occur weekly or something along those lines to make sure they are accountable.I would suggest that you read the book "Long Distance Real Estate Investing" by David Greene if you really want to invest out-of-state.

My situation- I have plans to build multiple sfr in my city and have a few very generous lots in lower- middle income communities.

Many rents contained a signing bonus, but now re-rents are at market. 

Any backstory or juicy detail is bonus points

@Brian Chen Evict, Evict, Evict you are far too generous, from your post these appear to be strangers. 

For the past two months I've been delving heavily into pre-foreclosures, and earlier today I had came across a solid property with an estimated ballpark of 25K in repairs, workable equity and a generous ARV. 

Bonus for extra details like year, location, purchase price, sell price etc.