Get your finances in order, get a pre-approval, make sure you can spend that amount and still have 15k in reserves and solid income before you buy anything. 

If you are looking to make some money and have a place to use 4-5 times a year, then from that aspect it's a great investment but solely looking at numbers I could find others that perform much better.  

That is a fact, and it’s called time value of money.

It may not be the greatest way of doing things, but I have to be comfortable spending time there if I am going to invest in a neighborhood.

Permits are not expensive, getting the drawings and engineering are where the money goes.

Your website says you’re a hard money lender.

Experienced rehabber (40-50 deals/year) looking to shop some more hard money lenders.

@Don Blake, unfortunately you cannot assume what he or she said was true with regard to the deposit money.

The number one reason rehabs fail is the owner advances too much money to the contractor who uses the money to complete other projects or, go on vacation. 

Couple reasons for this.1. sucks to lose money every month when you just put down 20%, which can be a lot of money2. what if there is some kind of emergency i.e. large maintenance, non paying tenant, etc, then you are really in a bind and obviously that comes out of your personal funds3.