@Clare Cheneyif you have run this by experienced flippers in that market and experienced HML or private guys and they don't want to invest maybe the deal doesn't have enough cushion.

We have to do our research and make sure we have all of our numbers in place for the cost of repairs and a cushion for unforeseen expenses as our 401k proceeds are on the line.

If you get an FHA loan like the others say, and you buy a fairly cheap property then you should still have a very nice cushion in your savings. a $50k property with 3.5% down would be $17,500 down leaving you with $12,500 in savings.Now, if multifamily properties in your area aren't selling cheaply enough for you to get a deal like this then maybe I would say look at a different route.

If you drop your cash-flow to $100/month you basically end up with no cushion.  

You may be able to use the cash as collateral for a loan if you want to retain it while the bankruptcy falls off or put in a brokerage account and buy some decent dividend paying stocks and pull out cash using the available SMA in the account effectively creating you own loan while the dividends cushion the interest your paying. 

We need to have a decent cushion, considering the worth of our SoCal properties.Due to unforeseen family expenses and what's gone on in the stock market, we need to spend as little as possible (maybe up to $15k) for the time being while still being able to grow the company. 

Personally, I don't want to have to toss someone out because they lost their job, so I try to only rent to stable people with enough income that they (should) be able to provide their own 6-12 month cash cushion to get them through a rough spot.

Find a deal at 65% ARV including repairs and, as long as you budgeted well for repairs and added 10% to the repair budget for cushion, you'll come out fine. 

You better have some cushion for expenses...

I definitely recommend spending some extra time estimating your rehab budget and then figuring in a good percentage extra for a cushion.