Since you are flipping your best bet is the insurance approach.

As you can see, a total gut and 1000sf addition won out.

I am glad to have a forum to discuss scenarios and ideas in addition to networking.

Initial plan is to acquire a 4-plex and then move on from there into potentially flipping or additional multi-unit properties.

I am also in need of experienced real estate investors who can coach me online about additional information i need to know also, but any help is welcome. 

If you need 100% of the money, you'll need some other asset to pledge additional security to your lender, the idea is to make the feel secure, warm and fuzzy as well as properly secured. 

@Arpan Patel  can it happen maybe will it happen for 99% of those who REALLY only have 1k in their checking account or less NO WAY NO how.. the best bet for those folks is find a job.. and if real estate is what they want to do then bird dog... or get a license and do leasing.. that works.

Asking price: $245,000 - reasonable for the areaEstimated Monthly Rent under current leases: $2500.00 - on the low side of the range for the area but the tenant base is long term and stableAnnual Taxes: $5000Annual Insurance - Unknown/information requestedUtilities - Unknown/information requestedBuilding Owner pays for alarm monitoring,electric and water bills - have asked for monthly cost averages but do not have yet.Individual tenants pay their own internet and phoneDescription: 2400 sqft, brick building with a 10 space parking lot, good location Known upcoming repair is HVAC for the downstairs (est $5k), upstairs HVAC has already been replaced.Thank you for your time as well as your opinion on this deal, recommendations for additional questions, additional information etc. 

In addition, if you really want to take him off your list, google his ph# and see what comes up.

@Toben B. in addition to what Shaun Weekes said, the new property will have to be at least 100 miles from the property you are exiting.