I am not a big fan of putting all of my eggs in one basket. But, I would suggest leveraging you money in a way that makes sense for you risk tolerance. I'm not sure of the market in Ohio but you may be able to get 2 or more properties and a loan for the rehab through the program you mentioned or through a HML.
I use a HML that will loan up to 90% of the purchase and 80% of the rehab. I would be able to potentially get 2-3 rehabs going. A little riskier. But, the layoffs are larger and not all eggs are on the same basket.