Guessing you're desirous to turn your Pittsburg dirt into profits, I think you're on the right track though will suggest strongly that you yourself or someone very knowledgable that you can trust and manage babysits the process down to keys in hand, as I assure you, dealing with contractors and all entities along the developer's path takes an entirely whole new layer of skin and nerve.

@John  With those type of terms, what % of the profit is the lender looking to get.

Generally, you are able to get a better price and hence maximize profit.

Shital Thakkar if it's near to downtown or any major business condo will go on rent quickly but more turnaround then SF.

You will then place your own tenant buyer in the property and make a monthly profit. 

I am looking to rehabilitate properties for rent in order to make a profit that can be turned back into the investing cycle for more properties or maintenance on properties already acquired.  

But in Indiana... this is likely more of a liability than a profit maker.

I purchased it as a foreclosure, fixed it up, lived there for a year and then sold it for a decent profit. 

The major drawback there is that you would have to pay closing costs twice in 6 months.  

No major foundation issues.