We have been saving up and are looking to invest some money into a property that we could either fix up and flip for a profit or to rent out to a family.

The couple who owned it when I was little passsed away and it was sold to another man, whom is “broke” (grape vine from my parents) and he doesn’t do much to actually fix anything that needs to be fixed.

No way.Are you really getting 30yr fixed commercial money at 4.65%? 

@Michael GessnerYou may want to look into structuring the GS and Fix and Flip businesses as S-corps.There is potential self-employment tax savings going this route. 

You think its not that big of a deal but when you are fixing cabinets in the field it makes a big difference in time.

My plan is to either 1.) fix and flip 2.) fix, move in, and rent my current home/house hack. 3.)

This kills them for about 10 years, which typically means this is a permanent fix. 

The mold you see is the easy fix (with a mold specialist).

Our bank has offered a few different options, 10 yr fixed rate/30 yr amortization and 15 yr fixed/15 yr amortization.

Although our market is hot, vacancy rates are low (below 5%), interest rates on a presumed 30 year fixed mortgage are historically low (floating around 4.5%) and rents are increasing with the high priced housing market driven by a lack of inventory.Unfortunately, TierraSanta doesn't have a lot of MF's but the surrounding areas hold possibility if you're flexible on your target market.