He was eating Peanut Butter and drinking Circle K Coffee to survive.  

Also, as far as the type of home that seems to be what I call "the bread and butter" properties, I prefer 3BR 2BA 2CAR Garage in "B" or "C+"  areas with a good location in that community.

The bread and butter of the site is the ability to search all homes for sale in the area.

Seller, so that I could do my research on the property.The property is in my local Charlotte market, and is your typical bread-and-butter 3/2 brick ranch built in 1962.

The bread and butter in RI for the younger generation is 3 bed 2 bath.

Some agent continue to do rentals as their bread & butter since it's quick money.

Number of REOs in the market. the particular property (unique with defects that are hard to correct vs. bread and butter in move in condition), the regulators, the amount of capital the bank has to put to work and other things.

When the peanut butter hits the fan and eventually it will, a whole lot of people are going to lose money and they will contact the AG's office for relief (that means lawsuits).

I wouldn't attempt a flip w $40k especially if you are new and long-distance.Go for a small bread and butter single, or duplex (side by side is best). 

Make sure you understand EXACTLY what kind of roof you are getting if it's asphalt what exact shingles, underlayment synthetic or felt and ice and water shield.