OK here is the deal

I found this really great ranch style home and it sits on a half acre in the middle of a quaint little town just up the road from me. The place is a eyesore. It is also an REO which has gotten no bids on it and its been on market for 129 days. NO one wants to fix it up. They want 154,900 for it but I can only see offering 100K with a repair credit of 54,900 because its that bad but its huge and the place is 6 bedrooms, 4 bathrooms and 3000sq ft. If I use the funds I have to fix it it will take about 6 moths to rehab about 6 months to rehab and I would have to hold it for at least 2 yrs but I could get 2500K month rent for it. In about two years when market goes back uP I know I could get over 350K for it, A year and a half ago it was appraised for 340K AS IS.

The problem is this. It would take all of my available cash to fix it then that will leave m with nothing to work with for a while. I am good with the no money down thing but this place will suck me dry of every cent for a little while and I really wanted to keep my momentum going with my purchasing. I wont have time to look ad buy because I will be working in this place but it will be worth it in the end.

SO, do I put my time, effort and money into this or let it go and keep going. Giving up a huge windfall down the road or continuing on my mission of acquiring?

Yes... I am listening