The neighborhood has been flourishing, making this incident highly unusual.What initially drew me to the property was the potential for high rent and strong cash flow.

Biggest thing is cash position.  

It would cash flow nicely.One item to plan for from the beginning is the exit. 

my condolences on your recent lost.there are a few ways you can do this, as mentioned above you can take a heloc on your primary residence which will give you a second mortgage, first mortgage payment wont be impacted. you can do cash out refinance which will give you one mortgage and payment. it will pay the old mortgage and give you money in your pocket to pay for the rehab.or you can do a renovation refinance which is similar to cash out refinance but we would contractor involved  as part of the refinancing and they are paid through the loan

Cash flow matters. 

McKinney and Princeton have been growing a lot and it is a good place to invest, but it is always related to what you are looking to achieve in a rental investment, appreciation or cash flow.At this time that area does not offer a big cash flow and due to the amount of development going on there, rental demand has declined a bit.In any case you have to make an analysis case by case.

@Peet BothmaHi, I'm working in MILWAUKEE.Do you have a recommendation for a lender for refi cash out for foreign national?

Personally, I think I would stack some cash for a year or so while I did this. 

Everyone complains that there's no affordable housing anywhere, but that's just not true.

If insurance double or triples or worse, some RE cash flow will vanish.