You can submit an offer but be prepared for a potential counteroffer.

I've got a proper manager as I'm out of state, but as I've got only this property, I have no other reference point.

We use Hiscox for our insurance with our business, not sure if it works for property but its worth a try. 

Quote from @William Weston: That would be an option but I have not seen multiple family homes that are big enough for a family of 5.

I owned real estate before but lost it all in the GFC. 

I could be wrong, but this sounds more like a construction loan rather than a flipper loan.

But let's say 100% principal paydown of the same $50,000. 

But the 50% op ex ratio will be close enough for first pass. 

Quote from @Mayank Jain:I would not only question who you work with but what their worth is to you.

So, if you fail to apply the correct assumptions to a property, your expectations won’t be met and it may even be a financial disaster.We use the following to rank Property Classes, in order of importance:Property Tenant Pool: closely linked to location, but not always.Property Location: closely linked to tenant pool, but not always.Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.