- $11,349Total loss- - $3,549I had to replace the ac and the furnace they were17yrs old. $6500 if it wasn't for that i would have a profit of over $3000.

It's best to pair this with something that mitigates the financial loss to the charity like a significant whole life insurance policy. 

They are not the "Fire Sales" they use to be.If the bank is going to lose money and the loan has backing insurance (FHA/PMI etc) they just say no, why lose one cent when they are insured against loss.

Make sure you are sure you can handle the payments even if your flip does not return what you expect or results in a loss.

I am at a complete loss! 

So the plan was then to just repair what we could to make it as valuable as we could get it and sell and essentially take that $40,000 loss, and just go from there trying to invest in rental properties.

I dont know about your area but 10% usually covers the CASH LOSS for about 1 month.  

I personally will never do business with someone who I catch in a lie because as a licensed agent I can loss my license for things that others view as white lies.

If you put extra money on the left end, the only thing that changes is that the lever tilts and the property slides closer towards you faster, but you are now controlling the property using much more weight on the left end (unnecessary). 

This way you will be made completely whole in the event of a total loss.