Someone in the build chain knows the guy who writes the checks.

I am from out of state so wanted less maintenance in the short term while I build my portfolio and grow to the point where I am comfortable hiring a manager!   

A lot of buildings don't have a carrier willing to insure at all.

I'm interested in flipping, and short-term rentals at the moment to build good cash flow, then pivot into more of a buy-and-hold/appreciation play 10-15 years from now.

Fix-and-flips and new builds are always exciting!

Sounds like you need to have a relationship with a couple of good contractors, 40k for vinyl siding sounds high, what was the material cost.  

.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

Cash flow approximately 350 a month.Option 2: Use the cash to buy land to build a 6 bed 4 bath duplex, all in cost approximately 300k/330k. 

It builds wealth and most importantly cuts your expenses and gives you a front row seat at being a landlord.Was the best thing my wife and I ever did.  

For example "Just get 3 estimates from general contractors.." is a lot easier written than done!!