Possibly, ask your attorney and be prepared to spend a lot of cash to defend this position in court should it come to it.

@Blair F. is correct, do your insurance shopping before you spend too much time crunching numbers.

You should plan on 20% down, closing costs, legal etc. and probably another 10K in reserve funds.You should probably spend more time studying finances, real estate and your local area to get a more complete education on investing.

So this option is not viable since the payment and closing costs are not enough to assist me with the downpayment.2.

The money you are spending on the condo per month plus the negative cashflow likely could be better invested somewhere else. 

However, I'm stumped at the estimate costs/offer part, and to a lesser extent financing as well.On the one hand I kinda need to know how much I'm going to spend on repairing/renovating the property, but on the other the likelihood of a contractor looking at properties with me for free won't happen unless I have a property under contract. 

I thought maybe since I had the funds and time might as well get it out of the way and maybe get a part time assistant job or something.

Maybe look at ways to get her an assistant so she can grow her business.

I am thinking about reaching out to a construction company or even a handyman to be a mentor or take apprenticeship/assistant (I have seen some companies and handyman working on the weekends) so that I can learn the basics.

Eventually looking into renting out the entire property and moving into a new home.Can someone assist with the process of converting the garage into a rental unit and how to go about getting the permits for it.