The math works like this: $1M(improvement added)=$50K damage from 5% deductible.

Do the math and see if the deal makes more sense as a knock down and new construction.

Start shopping around to lenders.My back-of the envelope math puts you closer to $1000/month cash flow.

I always stick to the numbers, since math is non emotional.

Flip math is approximately:   $ARV (from the CMA) - 10% cost to sell (6% + 3% concession to the buyer for closing costs and 1% seller concessions) - $rehab cost - $rehab-oop over run factor - $costs of closing on your buy side -$costs of your financing - $sum of all debt and liens = your $profit.You need to investigate current owner liens and debt in public records.   

Do the math and back into how you get there.

Simple math below:200,000 X 20% = $40,000 down paymentClosing costs/set up fees= ~$7,000-10,000Initial repairs/cash reserves= ~$10,000Getting resources from here regarding the BRRRR method or just long-term buy and hold strategies will be extremely helpful in your search. 

@Maria Crowley I actually did my homework on this topic.  

I really want to get all the terms, math, and analysis principals down before I jump in.

Maybe I'm just doing bad math, these are how I've been evaluating the properties.For the live in flip homes I've been looking at the basic formula I use before I dive in deeper to the details is (ARV*0.7)-Rehab cost= Initial Offer Price.