In my area in the Great Recession larger homes did take a down turn in rental rates and some other less populated areas for sure has to slash there rentals rates.

Instead of simply wholesaling the property can you JV & split the profit evenly?

Finally if you go for a STR I would be sure to have one or two great exit strategies meaning you can rent it long term and at least break even, or you can sell for a small profit. 

Roofers, particularly larger contractors, will often reduce prices in the winter to keep their crews working. 

Assuming larger capex and maintenance costs.I have access to hard money cash for a purchase and renovation of the property—about $196k of an outlay.  

Rural street with massive lots already has handful of remodels with some listing close to $1M ARV.From BP flip calculator:$900,000.00 After Repair Value ($460,000 List Price $200,000.00 Rehab Budget $150,000.00 Profit Estimated Repairs Total: $200,000.00Could use input on overall deal, as well as typical $cost/ft to add a second floor to bring total to roughly 3,000 sq ft. with a 2nd floor master and bath, perhaps an office or extra BR upstairs as well.

If Not You Can Negotiate The 2nd And Sell as is for a profit.

I plan to focus on small multifamily (2-4) units in the North Dallas area with interest in moving to larger (5+) units as time goes on. 

If I had $1,000,000 in my business account today, I'd buy three or four houses every month for the next year and make incredible profits. 

The numbers are just larger.