I've took zero classes, but been approached by new investors that have spent thousands on stuff like fortune builders and so on needing desperate help.

In such cases, I don't see the money in the flip since we'd be paying too close to market value (unless we find an overly desperate seller.) 

But in 1981 we were paying a 21% interest construction loan so we were desperate to make any deal.

You're propoal to at 600 Sqft with 40k seems like an act of desperation, not one based in confidence and the luxury of lots of time.

But if the sellers is desperate they will sometimes still go for it. 

I am desperate for some of your expert advice here, I am 29 and relatively new to real estate investing.

Don't be desperate to just get "anybody". 

However, I am worried that the only way I can secure financing for any type of flip would be dependent upon the salary that my corporate job (which I am desperately trying to leave) provides me. 

Most of the multifamilies I've seen available online are in desperate need of repairs to make it comfortable for us and the tenants! 

Desperately tried to cancel the warranties I had with a major national company, but they did everything in their power to hide how it could be done.