That doesn't mean it's not a great area to invest in, it just means you will have difficulty finding a property manager that will take on a home here and if you manage the property yourself, there may possibly be some safety risks you should take seriously.

I was just told the estimate for my kitchen project to be $1000, which I find high considering it essentially just moving the stove 8ft and installing two outlets.

We could essentially just list Home Depot, for example, as a single contractor and they could do several components of the work.Anyone know if that’s possible?

To get this money, I essentially had to have a meeting with BCL and bring paperwork like tax returns, pay stubs, pre-approval letters, and I believe I had to take a simple 1st-time buyer class.

It didn't cash flow at first but was essentially a free house with the PITI $1742 and rent at $1700.

As a fresh agent it is essential to have a solid network to encourage you as well offer some leads. 

Another option is to use something like a deferred sales trust, which is essentially just a creative way to do an installment sale.

The home had several safety issues, where multiple outlets needed to be grounded, all the windows were old / missing, cracks throughout walkway, water in the basement (inspector is not legally allowed to say mold exists, but noted several stains from water).

Giving up the “safety” of your savings to invest them?

Risks: you might want to investigate risk factors as safety, theft, infra structure of the land etc.In overall, as first STR investment I would stick to a single family home located in a secure and established neighborhood.