Don't attempt to figure things out on your own or act as a GC or PM when you are using other people's money. 

Money is money.

I've never spent money on inspections/environmental before having the property under contract.

We have made money buying properety based on cash flow (lower priced) rented out for a period, then selling to an owner occupant. 

I financed the acquisition of the land with personal and private money.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

Plus, that is the cheapest that money will ever be for you.  2.65% interest rate? 

We only needed to pay earnest money and a portion of the closing fees bring upfront investment to 12-15K.

I know it is expected that you will need to spend some money after someone moves out but I just didn't expect I was going to need to spend appx. $10k to get it rental-ready. 

If the deal goes south and you have next to zero money in the deal, selling a short sale or walking isn't as risky for you since you aren't losing much.