Condos are tough for cash flow and $40 a month is pretty tight, especially when you only have 5% vacancy.

If those are scheduled only one day apart you'd better have a fire lit under the selling title co because they're going to have to close and record the sale and still beat the fed wiring deadline to get the proceeds to one or more purchase title companies. 

There's a very tight network of real estate investment clubs down here.

But at the rent/cost, I would think it's a bit tight and would probably lean toward flipping.

Even at $1,400 it doesn't meet the 1% rent/price rule, which I think would be a minimum target in KCMO even in today's tight market.

If funds are tight you may also want to look into a 203(k) loan that will act similar to an FHA but will also loan out construction funds and then roll them into the long-term amortized principal loan.

Even if you have to pay them, it is invaluable to make sure you understand what you're signing, when deadlines are, what you need to do before closing, etc etc etc.Can you learn it and do it on your own, sure! 

Or if the numbers look too tight for me, I may end up just wholesaling this to a flipper. 

I would like to say that you can get an equity partner to help but your deadline is too close for that to go through. 

@Christopher Winkler My understanding is that if you don't file a POC before the deadline, your debt is not included in the payment plan but your debt continues to exist and collect interest.