The last deal I did like this, I bought a $145K home with about $10,000 out of pocket for repairs & closing costs

If you're trying to work backwards on how to get to $40k/monthly net, you'll need to invest $8mil up front and aim for a 10% return. 

@Shaylynn O'LearyI think I may have posted this in response to you in another thread a while back, but here goes again.If you pick a random "low cost" market like the ones you named, don't know anyone there, don't set up a network, buy random properties, and turn them over to people you've never met to manage, you will most likely lose money. 

Specifically, the cost to have it corrected is now a known material fact. 

My money market funds are dedicated to go towards a down payment, closing costs, etc.

It would cost a lot to get the planning approval and do a complete renovation of the 2 units.Can anyone suggest what would be my options at this point?

Ofcourse my mistakes would cost me if done all my self as well.So i am thinking that by going through paid consulting, it saves me from mistakes and time.

With a very high costs are so many are stretched to the limit.

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. 

If comps are scarce, you might also consider the replacement cost approach, looking at what it would take to rebuild and adjusting based on market conditions.