Instead of losing 55k they will probably only end up losing $25,000 - $30,000Long term its not a great cash flow property but with some renovations and addition of a parking slab I think long term appreciation is the big goal here.

If you are looking to buy, renovate, and flip/or refi it is imperative that you have a team that is efficient so you can get it done before the loan matures/balloons.

I'm finishing renovations on a studio apartment (under another unit in a multi-family) in the next few days and am trying to decide on what strategy to use to rent it.

I work with a contractor that I will use for any renovations that are needed who is husband to the realtor that will be doing all my showings.

Separately, if I experienced flooding in the past and did major plumbing renovation work to resolve the issue, do I still need to disclose these resolved issues? 

Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

With your renovation background, you're well-positioned to excel in house flipping.

Some lenders even offer VA renovation loans, which could help if you find a property that needs a little work to maximize rental potential.Before jumping into a deal, check local rental laws and HOA rules.

With your construction background, you're already in a strong position to add value to properties through renovations or identifying potential issues.

If your goal is to scale, I would suggest running your numbers with property management costs included from the start.Also, if you plan on adding more properties soon, I would avoid anything that needs too much renovation upfront.