Is there any opportunity here for me?  

A few keys to quickness: Your contractor should be ready to demo the day you close and own the propertyYour lender should be included BEFORE you close on the house so he can make sure the HUD is optimal for extracting all your cashI put the property up for rent about halfway through rehab, once it starts to have the GLOW of opportunity ;) overall it was pretty easy.  

My instincts say that opportunity lies where others run.

Employment opportunities are increasing by the day.

You have the opportunity to make a quick pile of it with little to no risk and without the headaches and hassle of a full rehab.

There are so many opportunities out of state and it won’t take even close to 2 months to find a good deal with a 10% cap

I'm a young professional, I'm hungry for new opportunities, and a hard-worker.

Major opportunity there.Action plan (and in this order):Talk to a lender/banker.

But for some reason, I'm drawn to multi-family and commercial opportunities.

Still waiting for my first opportunity but my plan is to buy & hold with a refi.