It’s not considered a good long-term debt instrument like you may have been taught, so without the equity there and ability to resell the property in the near future for a profit, there’s really no point in doing subto. 

In any event, I don't believe a 1031 is an option here because you didn't buy the property to use as an investment, you bought it to fix and resell.

I'm talking about true flipping: buy 70%, rehab, resell.

Lenders can always be "tighter" but can't go the other way if they intend to resell the loan to Fannie Mae, etc.Did you find out why they said 15% down?  

Also when reselling, if the condo is not warrantable, you may have a hard time finding a buyer.

Tenants do crazy stuff, and those floors deserve protection until you resell. 

If you wanted to do a quick flip and buy it for $25,000 and put $10,000 into it and resell for $50,000 we can certainly do that.   

All the companies I called said it will definitely have to be replaced soon or at least before we resell.

@Austin WorksFirst of all it’s against terms of service to resell leads from PropStream.

Dealers have to pay less than you, they want to resell the items at a profit.