So this is directly from the City of Minneapolis website where the Renter Protection Ordinance was passed unanimously by the City Council and will go into effect June 2020.  

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Alternative: Rollover Funds to A Solo 401k & Take a 401k loan or Invest in Real Estate DirectlyIf you are self-employed (i.e. active self-employment earned income separate from your w-2 income) with no full-time w-2 employees, you can set up a Solo 401k and then rollover your 401k funds once you leave your current job [NOTE: You generally can't rollover funds that you saved to your current employer plan until you quit.].You could then take a loan of up to 50% of the balance not to exceed $50,000.

Will it effect the cost of my insurance because I renovated ?

At the very least, do at least one with an attorney, so you can learn the ropes.I haven't done an eviction since our new laws went into effect in June, but the three I have done all took 6-8 weeks, from rent demand to ejectment, with our attorney. 

I purchased the home for 48k and plan to do a cost effective flip on the property to make some quick money.

“Respect” in Ali G voice, And Kudos to BP community for being so nice

I don't have enough experience to say whether this will be effective or not, but I'm optimistic.Your closing costs estimate is $2,500. 

@Angel CraigYou've got the correct initial strategy - the most cost-effective approach would be to secure a low down-payment loan (e.g.

Student loans are usually one of the cheaper sources of money, so paying it off is effectively only investing at the low rate of return.

But our housing is mostly too new for that to be cost effective.