My initial thought is to not bid against myself and stay where I am at, but if I increase my bid to what I would be willing to pay, I have no regrets either way.  

This requires a baseline property condition at initial leading that is indisputable.  

To answer the initial question: can you flip when your credit is bad.  

I'd spend a little more money to attract a high quality tenant as I believe in the long run that initial investment will end up costing you less by NOT having to settle for someone who will tear up or destroy your property, evictions, etc.I'd definitely spend the coin if you plan on keeping it.  

If you want your rent before 1st - introduce an initiative - a discount when paid on or before 1st or initiative for auto pay

I got lucky and one of the people bidding against me initially contacted my real estate agent mid flip and we put it under contract.  

I [almost] never offer a land contract or seller financing because, in the event of a default, the seller will have to foreclose in our State vs. with an option, I can simply evict just like a rental.I have done a few low end contracts recently, however, with 40%-50% down [which usually covers the initial investment].  

There is only one set of paperwork to fill out at lease-up (though sometimes a PHA will break it into two sections) and an initial inspection for cleanliness and safety.

Did you do a primary and a mezz loan on this deal or do you just mean it's a short term initial loan that you will refi out.

The book "Hold" had a really compelling example of a small initial downpayment invested in a series of properties over 20 years or so; the Return on Investment (ROI) over the course of time was astonishing.