Start small, ensure your numbers (purchase + rehab + holding + selling costs) leave room for profit, and build a reliable team (contractor, agent, lender).For financing, work with lenders who specialize in fix-and-flips. 

Given statement of condition, I would think value-add is the opportunity at hand.

For a 3-4 family home, it's more complicated—you're looking at commercial lending, which requires a large upfront investment, high holding costs, and greater risks.

They cost slightly more than the normal permitting process, but I usually have permits in hand in a week or less.My GC is has some experience on Coronado, if you would like I can connect you, so you can get his opinion as well.

That will give me a gross profit of 20% minus holding and commissions.

As a realtor and investor the buy and hold situation can be profitable.

I believe the hard credit pull is when they want to have everything before hand in order to give you a more solid pre approval or the lender cares more about their approval to close ratio.

I have associates that fix up a place beyond the typical look of the neighborhood but they have to buy-hold (which is fine) as selling means loss of investment.

(yes some of this is oversimplified, hold the comments keyboard warriors).

Still, I think you'd find it difficult to find one that would be a good long-term investment unless you had another ~20-30 years to go, it's at least cash neutral, and you don't plan to hold it too long (to avoid too much investment loss and before you get to the point where it's unsellable because of too few years left); that's another way of saying that maybe it suits your cash needs in the near-term or is at least less of a pill to swallow than other options until you find something that's more of a sensible long-term play