If I'm right, getting a 7/1 today means that I will have difficult choices to make in 7 years.  

One of my old borrower back in Indy started a company for these things.His target was Realtors who needed to get the repair addendums addressed on new purchases  You know when the home inspector comes through and has a laundry list of little items.. in the buyers market of course buyer would come back with a repair addendum fix 100% of the items.. well now that the market has shifted the seller say take it or leave it..

It is installed and the place looks great.Given you are in a snow area, the tile may not be a good choice as tile doesn't self heat. 

His choice.  

@Brandon Turner   My biggest problem property was a RV / MH park that I foreclosed on .. when I went into the deal if was in good shape 3 years later the derelict borrower did not monitor and take care of the on site septic system and the well properly.. by the time I was lender in possession I had to deal with those things and those items are controlled at the state level and it very expensive and very time consuming..

There are two choices here, do nothing and let it go, or jump in and learn.

There are a lot of choices for getting started in real estate investing.

You have control and choice over your own decisions.

Lots of other choices more southeast and lots of stuff north of Boston too. 

The problem you will have with hard money is that the property will likely only be able to borrow about 60% of the value of the property.