Plus you have to put deposit on your CC to even be able to bid. 

(I am familiar with area rents and this is a solid number) Expenses:Principle and Interest ( 3.8% for 30 years): $700Insurance: ~$200 (estimate)Taxes: $300 (true)FHA MIP: $100 Vacancy 8%: 200Cap Ex 8%: 200Maintenance 8%: 200Property Management 10%: 250 (going to self manage, but running the numbers as if I am not) Utilities (tenants pay all): $0Total Monthly Expenses: $2,150Gross Monthly Rent: $2,500Total Monthly Cash Flow = $350Total Annual Cash Flow = $4,200Down Payment = $5250 (3.5% of 150k)Closing Costs= $4500 (3% of 150k)Title Insurance= ~$600 (Estimate)Wrapped CC= less seller paid-$4500Pre-paid tax?

If you flip right away as others have suggested, be prepared to pay your top tax rate on the profits so you could lose a third of any gains and have a big tax bill even if you already spent the money paying off CC debts.

It is a C/C+ property with current rents at $450-475, all 1BR/1BA, 2 Vacant (vandalized) Units, and doesn't currently cash flow.

Don't forget to CC your self.  

Another solution is to pay off small debts CC, car loan, student loan, etc., will lower your DTI.

Much appreciated @Brian C

That would put my CC utilization at about 6.5% and allow to keep the cash for other uses.

In both scenarios, you are NOT going to be able to get cash out, but will be able to payoff HELOC, CC, HML/PML, etc.So, if your ARV support the LTV requirements to pay off the other debt you incurred to buy/fix the property, then you are in luck.

I started with very little money and purchased one of my first properties with CC debt.