There are risks involved but still very good return.If you are willing to spend more money, you will  be in a decent neighborhood, in a better tenant pool with less headache.It is all about what you want to do.

I'd suggest spending about a week on ChooseFI website/podcast/facebook before jumping in with a financial advisor.

I will spend between 3 to 5K fixing bathroom, carpets and painting. 

I have $20,000 to spend.

So if you spend $50K on the rehab, you should strive for at least $100K value add for an equity increase of $50K. 

I am looking for the ability to be able to spend more time with my family, build long-term wealth, and have a nice nest-egg for retirement. 

Spend sometime work on getting both at the same time 

Id like 250k available to me to work with, probably spend closer to 200k.

You could spend 10+ years building a 30 property portfolio for example and lose half of the properties in one lawsuit if they're not structures appropriately.

That said, the plan is to be spending more time on the USA West Coast or Hawaii with the London place a 'lock and leave' bolthole.