The agent was getting pushed pretty hard by his brokerage to get this signed before putting in an offer, so I caved, but limited the date. 

Take care of the hard job first.  

Being out of state, I would suggest vetting your "team", meaning find an investor realtor, lender/s (hard $ / long term), property manager, contractors, etc.

Also, if you buy using a hard money lender or cash, Zach Starnes can do re-fi's off the appraised value shorter than the typical 6mos and then you might not need any money down if you buy at the right price.

Flips themselves are hard to come by and as you said its a job not an investment. 

Or you could try negotiating hard with the seller—point out the comps and the condition of the property.

They can just be too hard to lease.On the other hand, if the area is doing well economically and its occupancy is currently strong (I certainly want a vacant or near vacant property) I think it's worth considering at least.

But it make it hard to predict the future.

Private Money vs Hard Money:Primate money is negotiable.

Quote from @Frank Pyle: My client recently purchased a home with a hard money loan and have successfully rehabbed it for use as an Airbnb rental.