Each way you're making money on the property, it just depends upon the type of use you can envision.

Conventional loans will follow the same guidelines, here is a good excerpt:https://selling-guide.fanniemae.com/sel/b2-1.3-03/cash-out-r...DSCR loans have flexible seasoning, which could allow you to put the money to use quicker, outweighing some negatives.

They do make sheet vinyl that looks like wood and if you go to a flooring store usually they will have a much larger selection and can even save you money with different types of installation like going over exsisting floors with a floating vinyl sheet install. 

I would check out Banco Popular or a local hard money lender. 

I currently have tenants who pay through Zelle and with money orders.

Investors can make money in any phase of the real estate cycle But just need to know which strategies to apply in the different phases.Cheers. 

But how for newbies like me with no portfolio or track records I spent most of my money on education  now I'm between jobs so it's kind of hard for me to do both.

Another option is going to be looking for off market deals, but they are going to want all cash or hard money loan, which you could do for a year and then refinance it once the property passes inspections for a long term loan.

Quote from @Michael Smythe: @Jay Hinrichs you might find this story interesting.https://www.freep.com/story/money/business/michigan/2024/05/...Someone's gotta start the long road back! 

Just my 2 centsTo answer the question if it’s a tear down you need to understand the comps In That area and the cost to remove the existing and rebuild - where many go wrong with rebuilds is they assume best case construction and holding times and time is money especially if using a construction loan.