If you flip, then definitely refinish them.Floor life is a function of how many times they've been sanded.

I am a property insurance adjuster during the day.  

Thx again in advance.Expenses Annual Figures R/E Taxes $9,756 Insurance Premium $3,000 Maintenance $4,000 Water & Sewer $3,000 Common Electric $700 Gas Heat/hot water $0 Tenant Paid Management (5%) $3,937 Garbage $0 Ind.

ERGO you are in foreclosure in the first place.GFC meltdown saw values drop 20 to over 60% in certain markets  .. your 70% LTV loan was underwater right out of the gate.So to answer your questions.In General... you have a foreclsoureyour value is 10% less than it was when you made the loan.. reason flipper butchered the job ... and again depending on state it could take 1 to 3 years to actually foreclose and of course your not getting any payments.. so your interest is wiped out. your cost of doing the foreclosure again state specific.. and I have never met a defaulted borrower that paid the property tax's  ( and again state specific how bad this will be).. you have selling costs usually 8% and you normally have to spend money getting the home marketable I have never met a defaulted borrower who left a home in perfect shape.So you add 10% market devaluation  8% for sales costs.. 3% for foreclosure costs.. 2% for back taxforce placed insurance and utls.. and depending on the condition of the home 5 to 10% for rehab .. you can see how this eats into your 30%  .. then take states Like were i live and properly filed mechanics liens are super liens they jump ahead of your mortgage.. this can be thousands up to 100 thousands if your flipper totally screwed the subs. 

I'm happy to start this new adventure in my life.

if I go by your numbers 54k purchase price amd 24k for rehab  that's 78k you're going to rent 2 units for 750 so that's $1500 a month.you should calculate the expenses taxes ,insurance,maintenance etc and see if the cash flow will make sense.. you can use the 2% rule which in this case looks like you're right on the money. . so if 54k and 24k are right numbers and this is not a complete war zone were you would get your $1500 every month with no problems than this should be a good deal..check again for the rehab costs with a local contractos ask to have written estimates. also see if you need to pull permits.. these takes time and money. .good luck!!

I believe that we should get commercial insurance.

This way we could take a 30 year mortgage and pay it off much quicker (7-10 years or so).My main assumption here is that it is beneficial to pay the mortgage off as quickly as possible, as to reduce the effect of accruing interest over the life of the loan.

It is the fast track towards financial independence and freedom that can open up many opportunities and make your life much more fulfilling and rewarding.What I am talking about here is investing in real estate!

"Wholesaling" is the new breed of mostly unlicensed brokers with no education, no insurance, and worse yet, no clue.