I definitely don't have the same kind of emotional attachment to the property that you do with this particular one. 

I would evaluate at least three options and take the emotion out of it.

Bring in emotion and you lose a lot of money.

These aren't usually very long, though, and they weaken your offer.

This way when problems do arise it wont be as stressful and my emotions wont get in the way of my better judgment. 

I do believe that the Eastside of Charlotte is going to increase in value quite a lot but I live in East Charlotte so might be bias and can't tell if I am just getting emotionally attached and talking myself into the deal because it has a pool and sweet entertaining backyard or because its a good move.

Also take the emotion out and make sure the numbers work.

First let me preface this by saying that I'm not going to jump into anything, or make an emotional decision without doing due diligence, and I would never go this route unless I knew it would pay off - That being said when you buy a foreclosure at an auction or sheriffs sale, you have to pay cash correct?

If anything, you want to estimate on the higher side for the repairs.Lastly, I am finding that it is difficult to remove emotions from the process.

Long Term rentals you have lower returns but much less work and much easier to scale.You can definitely make a business out of it, just keep your emotions out of your decision and don't start buying short term rentals where you want to take vacations, run it like a business and pick the most profitable locations