I've personally driven this neighborhood and was amazed at how nice and clean it is.

but i also 2nd @Jay Hurst's sentiments - get a 2nd or even 3rd opinion on DTI/ full doc. i personally love files that are puzzles, i get some weird satisfaction out of figuring out how to make it work on full-doc, especially when my client has been told "no" before. if it doesn't work now, a good loan professional will help you create a path forward.

@Pranita Maldikar Unless the seller is a family member or personal friend, I'm not sure why you'd want to put that much money down on the property.

There are conditions that must be met.Also, I believe the taxes are higher in Richland County than Lexington County, but I don't like there, so I don't have personal experience with that.

I had the initial call with a PadSplit sales person, but I wanted to talk to somebody who's actually doing it to get their perspective and advice.

If you need more to do the rehab, perhaps instead of partnering, you could get your former boss to do a personal loan. 

If someone is walking down the street and trips on your sidewalk or a  walk way whether its a tenant, delivery person or passerby you are the one who gets sued because its premises liability exposure.

Find someone where there is a personal connection and at some point your relationship now or later can benefit the mentor.

What I was getting at is that even investing "out of state", let alone out of the country, is more difficult when you don't have any personal connections and even more difficult with your first property.

I've know him personally for years, had the opportunity to consult with him on both sides of the business and have to say he's the real deal.