So, basically you intend to buy, rehab, rent, and refinance this property. Am I right?
Some areas that you might want to check out are Conway (I used to live here), and the area around UCF. I also like properties around the intersection of E Colonial Dr and Mills Ave, but you'll want to check it out for yourself to see if it's OK for you and your needs.
Some areas around Orange Blossom Trail are pretty good, and other areas you might want to stay away from.