Our cash flow was reduced each year until it got hit by a few hurricanes.  

I wouldn't call it a great deal, but here are the metrics nonetheless:Purchase price: $435k reduced by seller credit of $15k for net $420kDown Payment: $15,225Monthly Rents: $1,025 1-bed + $995 1-bed + $675 studio (hasn't been raised in 15 years) + $650 (bedroom in my unit) = $3,345.  

This reduces the premium much lower than the standard Flood policy. 

Some thoughts of what to do right away:See if the property is earning the market rate for rents (current owner says she does not know the market and has never checked).Find out if having the four tenants pay their rent online is an option.Track the leases (current owner has lost track of who is month-to-month, who is due for a rent increase, etc).Shop the insurance to see if they're overpaying.Since I'm new to this realm, I wondered: what else can a new commercial prop. manager do to quickly add value for their clients?

BiggerPockets has already been an invaluable resource for me, and I'd like to thank you all for being so generous in sharing your hard-earned wisdom in the forums.

Do you think that starting with Flipping strategy, growing money, earning more so i can invest more, and than moving to buying properties for Buy and Hold.With the money from flippin turn to buy and hold and rent for cashflow?

I am a firefighter and started a second full-time job with purpose of increasing income so that I can buy more property, reduce current toxic debt(any debt that doesn't pay for itself) and paying off the 3 rentals that I currently have so that I can take and borrow on them again to buy more rentals.

They are largely self-employed and - at best - under-report earnings.  

Those changes alone and reducing the high vacancy rate to around 5% will increase the NOI to nearly $140,000.

The low credit score you've earned didn't happen overnight, nor will it be 'fixed' overnight.If the old bad debt you are satisfying is really old, they may settle for less AND they may agree to removing or otherwise not reporting any additional negative items.I saw a reference to Fingerhut and the like.