If you would allow me to spend my two cents, I think I can help stretch your money a little farther.A lot of banks do want 15-25% down on the purchase price and will often loan 100% of the renovation on top of that. 

Spending $100 for a professional photographer may get you a higher monthly rent or fill the vacancy faster. 

Best advice that was passed on to me was to make sure you spend a lot of time getting this number right.

When you see a vacant or derelict property, write down the address and spend some time scouring county records to find the owner and approach them.  

And he said he would give me my deposit back to dissolve the contract , get the money from the insurance and spend it.

She got herself evicted over it, I got my life threatened over it (which she then had to spend months dodging service for a restraining order over), had to continually travel back to Colorado for court dates after she moved out of state and now owes over $20,000 back to me/my lawyer over it.Last I heard, she was still living in a travel trailer, having to move every 30 days because the eviction on her record is her third one and nobody will now rent to her. 

I would not spend too many resources trying to get this money.

The mindset of changing your spending habits to investments rather than liabilities for the rest of your life is all that you really need to be successful in this.

The mindset of changing your spending habits to investments rather than liabilities is the key.

@Michael Chiafulio I'd be happy to spend a few minutes to understand your goals and see if my market works out for you.