BP is a good venue, if you keep your head, and do your due diligence.  

You are a smart guy, but as you do your diligence remember that lower priced properties still likely have the same systems.

In front of a title representative or attorney, not wired to some bank at the beginning of the process.Do your due diligence on your lender, just as you would on a property.

Otherwise, the seller can kick up dust about you not seeking financing with due diligence expected from a buyer.

These links might help:BRRRR: https://www.biggerpockets.com/renewsblog/brrrr-buyrehabrentrefinancerepeatprimer/Due Diligence: https://www.biggerpockets.com/renewsblog/due-diligence-ultimate-guide/Property Management: https://www.biggerpockets.com/renewsblog/2015/05/25/5-dominate-property-management/

EVERY loan should have due diligence performed.

Definitely do your homework and due diligence to be sure you know what you are getting into.  

I appreciate the advice and will do my due diligence before committing.

Should I bother doing due diligence on both small properties at the same time (both around 10 lots each) or just focus on one?

@Ned Carey, good questions to consider, I'm going to do my due diligence on the property and neighborhood.