What are you investment plans? 

With this information, talk to an accountant and a real estate agent who understands investing. 

Realestate is not a liquid investment.

Are you planning to stay focused on flips long term or eventually add rentals into the mix?

Do plan to manage the properties yourselves or do plan to hire a property manager?

That, too, was my initial game plan going into real estate investing to build a portfolio and have the money come in.

The short term investment instruments are always have the highest return, but they are the riskiest as well. 

If you don’t have cash for a down payment, it might be safer to explore partners or join a group investment where you can contribute a smaller amount while learning the process.Given the neighborhood concerns, also weigh tenant demand and potential resale.

Also consider a portion of your funds for a prepaid college plan if available as you might be able to beat inflation.

probably not a property a random out of state investor would want to buy and plan on not spending anything on though, yes?