I want to have this for our retirement.

The professional's guide to double digit returns, multi-generational wealth, and a worry free retirement." 

I don't think I have enough saved up for the costs it will be in order to get this unit into a move in condition.

Maybe you can shed some light on cost savings as it relates to, retaining 1 part of the original structure (in the event of a teardown-rebuild scenario), where be it, a wall or a prescribed portion of the original structure is retained, per the request of the city/county? 

So, I went to work, kept studying, kept trying and saved up some money.

These numbers are approximately and based on financial institutions that I contacted and gave me quotes. 1. 220k x 3.5%= $7700 downtenants pay: 1200 x 3= 3600 mortgage: 1387 (tax, PMI, etc included)water: 170cap x: 200 (appliance depreciations, repairs, etc)loan: 176 (10k loan; my personal loan obligation) PROFIT: 1,667 mon. (20,004 yr) **I could save 6 mons from the profits and pay off the 10,560 from the personal loan.Property 2; I would write and notarize a contract up between me and a relative or close friend that will state that if they apply and qualify for a 30k loan which their monthly payments will be 528, I will pay them 10k over 12 months (834 per. mon).

If you have cash buyers people will take a lot less for money now or they have a time sensitive issue and may lose everything, so you are still saving the day.

I am retired and looking to flip houses for additional income.

I'm looking to learn a lot about selecting properties, estimating repair costs, minimizing tax impact (using retirement funds), estimating repaired resale value and another topics I come across that I need to know about before jumping in.

Not onky that but you can hold on to the cash flow properties till they are paid fully for your retirement so its a short term and long term benefit for both of you guys!