If you rent by the room, you should be able to save money for the next place or sell it.  

Typically, the seller wants it done fast and cheap, which often does not equate to the quality you would look for as the owner.But, it is possible he wants to do the work because he has top quality contractors that will do the work well and for less money than you could yourself.  

That is a lot of money to only make 200-300 dollars a month.  

The goal is to make money.  

Is it worth fixing up (all properties should be fixed up before moving on to another to avoid repair costs later when you have more leverage) or is it worth selling in an imperfect state for less money (and harder with a tenant).

Look for a market that works for your time, money, energy that moves you closer to your goal of why you are investing in real estate. 

You have promised the lender that the money is secured by real estate.

Money from an old 401k can be moved to an IRA.

Or the idea that lenders want to foreclose because they are going to make all this equity or money nothing can be further from the truth. 

If you have an in with Grant Cardone I would ask him where to stick your money.