Since you can't control the sale price, you basically have a $4k cushion to your reno costs, or otherwise you lose money compared to the as-is scenario.

@Malcolm Brown it is great that you are thinking of the money to fund the deals you are going to get started with but understanding what a deal is, I think, should be the starting point. 

How do you figure out who you can trust to handle your money?

Donating money to large (FEMA, Red Cross), local organizations or Go Fund Me pages would be the quickest way.

Otherwise, you'll have to go for a hard money lender and expect 12%+.

how much land and how much money do you have?

You must must disclose to the seller everything including that you are selling it to someone else and how much money you are selling it to that end buyer.

You can also take a car ride and travel to Dallas, Houston or Austin.I think NYC is a good city if you want to work and make a lot of money. 

If you are 100% occupied (and trending) no need to spend money.

Sellers are always going to look at more money down more favorably unless the agent explains the why behind doing the FHA, especially in a competitive market.