I understand that the solution is to create an LLC (or S Corp, etc...) and flip using that entity, however, will this hold true for just 1 or 2 flips a year?

High a true professional who understands lighting, posing, ....

True, you can get into a 2-4 units for less, just like a sfr conventional loan.I like 5+ commercial loans even though the LTV is higher, the DSCR demonstrates the property IS self-sufficent (aka cash flows and that was my goal in REI). 

It has shown me that real estate investing is a true passion of mine and as of right now I'm just trying to learn everything I can!

That is true what your inspector warned you about. 

Let me know if you get true wholesale deals under contract. 

high crime drugs and predominatly rentals.. no hope of selling to owner occupied folks... as they don't want to live there either... in our area there are NO true D areas all neighborhoods are filled with owner occs unlike much of the middle part of the country or the big eastern rust belt cities.

With it being a true condo (not TH), I assume that some of a typical CapEx allowance could be accounted for in the HOA fee.  

Also, understand that income property is not a true asset - the tenant who pays the rent is true asset, the property itself is a liability, especially when its vacant.W2 people want to own stuff that's paid off.

Did they have ANY true interest in the property?