the main drain clog , filter clog , solid hole full, lift station pump broke . any of these issue will cause the back up. 

I don't like investing into a hot market but idle cash is costly and I am mitigating risk with the right opportunities (good locations, value add, cash flowing, prudent debt). 

.$1,737/month on a $3,000 rent sounds really great to me, I don't think you want to jump out because of the 50% rule with those numbers.Your main concern is getting the project done fast and getting renters in there.

I assume the house would go into probate and that their debt is more than the house is worth.

That's not the main reason I say to skip it.

National 12.7No Flood areasNo Flat roofPopulation growth above national average .7-.9Builafter 1980Population above 150,000Prefer main city or immediately surrounding areaRed statesNo income tax states or low real estate tax rates

Some will allow a seller second or some other form os mezzo debt.

I obviously have long term goals but for now, my main focus is building my company and finding serious buyer's.

I hear the proximity to the airport, being near Lake Wylie, and less rush hour traffic are the main motivators drawing in the speculative investor.  

One way to go is a home equity loan and use those funds to repair you house and, hopefully, the rent you could pay that debt with rent money.