My goal is to create wealth in the shortest time possible with safe and profitable investments.

If you purchase the "worst house on the block", it still needs to be (to use HUD verbiage) decent, safe and sanitary to rent.  

Which would be the most effective and financially safe for a rookie investor like myself, with a very limited budget?

Always listen to people speak, don't be so quick to speak, after you have asked what they do for a living, and then they ask you. ( You say) I put together lucrative real estate transactions so that my investment partners can make safe consistent profits. 

Ive had my family contractor look at it and he is sure for 10k he can fix it up and make it safe and rentable and then I can do the cosmetics.

It's better to be safe than sorry.  

In general, anything that changes the principal balance owed affects the DOT and should be recorded.Even when you modify a note, it's sometimes not obvious if the DOT has also been affected, so we almost always record the modification, just to be safe.

Just be safe if you are investing your own money.Feel free to reach out if you need any help In the future.

Good Schools and nice clean safe neighborhood.

For those of us who're in the rental business might be safe as you're more so on the CASH FLOW game but those of us who're building new construction and doing fix N flips have to VERY CAREFUL.