I agree with Derrick, we love Chicago and Cleveland for buy and holds and Darrin nailed it with the "Drama" comment for that price range.

He is hoping he can simply find a buyer ready to build and be done with this.Any comments or opinions are very welcome.http://www.trulia.com/homes/California/Oceanside/s...Thanks

I just came across this link that might be worth considering when choosing a tenant. http://www.quora.com/What-are-the-most-interesting...Read the comments posted there too. 

Not because its bad advice but because there are simply different types of hard money lenders and the ones commenting above are not the right ones that fit what I believe you're looking for.There are some hard money lenders that will lend you a percentage of the purchase plus rehab. 

His comments make more sense in that context. 

Thanks @Phillip Syrios @Cal C. and @Marcia Maynard for your comments.

Greg B.To your comment.

In conclusion, what I am seeing from the comments is that it is not worth the risk according to both of you.

I can not comment on how good it is, as I am enrolled in it myself. https://www.coursera.org/course/successfulnegotiation

Of course they were all making random comments to me about what a mess the place was to scare me off.