You can get a copy of their budget prior to purchasing, although there will likely be a fee. 

I budget 20% profit on each flip. 

Provided it's in the budget and would add value to your project, I think there are ways to change the internal layout to be more appealing to most buyers, but keep that traditional feel they're after as well.

And if you go over budget you'll need cash for that. 

With a 200 000 $ budget, should I buy two houses 100 000$ each or three houses 66 000 $ each?

Do they manage their money in a way to ensure rent is factored into their budget first and that's the first bill they pay, etc?

Its factories quickly converted tanks, planes and artillery shells into trucks, automobiles and refrigerators that baby boom families demanded.

I like the idea of the fixed interest rate after receiving a lump sum so I can budget the debt load as I am still very new at this.

What is your monthly budget?

Not to say it can't be done, but you'll likely find yourself doing things in a very suboptimal fashion -- which will have tremendous impact on both your budget and your schedule.My best recommendation is to find an experienced developer in your area, and offer to partner with him on the deal.