@Ella Marie the Pro's are you can build long term wealth, the Cons are you can lose money if you cannot properly quantify risk.

(I also don't understand how you have a hard money loan with a rate of 7.25%...)offering an equity position that you then buy out in just a few years seems like way too much complexity and risk when you say you just need 30K. 

B borderline A market, is the cost to build worth the risk atm?

But I still would not let potential renters in without someone there.

For example, Almost every day I perform a “risk adjusted return” analysis on potential debt and equity investments we’re contemplating.  

*Energy Efficiency – Given the hot climate, buyers in Phoenix look out for energy-efficient upgrades like new windows, insulation and solar panels.ABSOLVING COSTS & POTENTIAL PROFITSBefore you put down your money for a fix-and-flip, it’s important to run the numbers on all the costs, including:*Purchase Price — The amount of money paid to acquire the property.

Companies choosing new locations look for these key factors:Metro population over 1 Million: Companies require access to a large, skilled workforce and established infrastructure.Low Crime Rates: High crime deters both businesses and residents.Low Operating Costs: Companies prefer locations with lower taxes and fewer regulations to maintain competitiveness.Low Risk of Natural Disasters: Companies avoid areas prone to natural disasters that can disrupt operations.

Best bet would be a “partnership” with a monied individual looking for a high risk/high return passive investment with you providing the “active” part.  

At this point I can't fathom spending close to $100k in repairs and potentially being right back where I started.

Quote from @Kyle Hess: I'm building a list of tools you could have handy while touring a potential fix-and-flip.