That’ll help you figure out the best type of funding to use.It sounds like you’re in a great position to make this flip work!

@Joel Betances sounds like you bought a Class C or D property - are you aware of this?

Your experience as a real estate agent, coupled with your technical expertise, makes you a strong asset to the local investment community.Your “live and flip” strategy and focus on PML partnerships sound like a smart approach to building your portfolio.

Sounds like the property is in Memphis, there are a ton of PM companies out there who will do this for you.

Doesn't really sound like a large claim. 

It sounds intriguing and like it could be a another good source from homes since the MLS has been pretty dry lately/hard to make houses pencil out for flips.Is buying from auctions a good idea?

If the tenant is claiming to be living in a hotel, she may try to get you to reimburse for that cost unless section 8 has a new process to reimburse them for this... which sounds absurd but I'll let you deduce whether or not you're dealing with someone who is used to paying for things out of their own pocket. 

It sounds like the reverse mortgage company is offering a path for you to buy it - which is more than they have to do.  

Overall, it sounds like 21% occupancy rate at about $200 per night.

Sounds like you are better off in a high yield savings account like @Dominic Mazzarella mentioned...Just out of curiosity, Nilusha, what Chicago neighborhood are your 2 flats in?