We will use some of the profit to pay down bad debt and the rest we will save for investing next year.

You should see if the seller will lower the price.....THEN when you close on it see if you can raise rents.Just because it was built in 1989 you never should "skip over" fees such asProp Mgmtvacancy  (Yes it is occupied now but it won't always be)insurancerepairscapexof course debt service (mortgage)lawncare, cleaning and maintenance (Different from repairs)trashDo your tenants pay for water and sewer? 

I lnow that one of my lenders will allow me to refi as a buisness loan (must have some form of corporate structure( C-corp, S-corp, LLC)  as long as the rents is $1 over the debt service of the loan. 

Credit Score is about 650 for each of the couple. 90k revolving credit card debt..with utilization > 95%.However rental history is good.

Assuming the rent from the rentals is covering all costs and debt repayment, hopefully with some positive cash flow, it would be counter investing to pay either of them down.

Definitely echo the sentiments that $0 money investing is much more myth and marketing snake oil than being plausible.Closest thing I know to quick easy funding is a 0 fee, 0% credit card balance transfer but not everyone can command 30K plus credit limits and I wouldnt recommend that path unless you are equipped to handle that debt once the promotional APR expires

Vega SanchezIn a very broad definition :Purchasing the debt of a single family home or commercial property which allows you as the lien holder the right to collect the monthly payments. 

However, we're well aware that no traditional lender will be likely to approve us for a second mortgage so soon after acquiring our first one since it would make our debt-to-income ratio go through the roof.

Does this mean since the debt was discharged, or since the bankruptcy is removed from your credit report?

I realize I will have to pay gains on it if I don’t do a 1031 exchange in so much time, but I thought if I do flips, we have to always churn the money anyway so why not pay the gains and pay down debt quickly?