I restored a 1921 craftsman house almost back to original condition after it had been a rental for 20 years.   

The property had fire damage and was properly restored and permitted by local county inspectors, however, the zoning of the property changed with it.

A simpler approach is to use hard money or private money loans to finance the bulk of the project cost (typically 65%-75%), and get one of your money friends to put up the rest (or you put it up, if you can).

I own a disaster restoration company in SW Florida.

For years we have mitigated and restored homes for other people.  

Keep in mind that additional damages or repairs are common throughout the restoration period, they are called supplements.  

Also, Tax Credits for restoration might be available if the School if the school is historical.Let me know if you have any questions.

The thing is, that I recently found a great job where I can save about $400 a week (it’s a part time job -as a teacher- where I work till 3 pm).Another thing, I have been approved for a credit card for the first time in my life.So here is my question: Should I start my RE business now and I know i will spend the money for a lot of things that comes in the way by starting a business including a car which i now don't drive...Or, Should I wait a year and save up the money for my first flip and in the same time build my credit to be able to lend the rest...Or maybe there are other suggestions for me?

I have a background in insurance restoration estimating and I'm willing to do whatever I have to to get my foot in the door and learn the ropes. 

Plus I had the instant added value from the remodel to start out with, and the continued increase in value as I slowly restore the outdated property.