What are the typical costs do so?

a flip requires CASH for closing costs and points, a down payment, holding costs, costs to cover any overage you weren't able to borrow...so, the issue with flipping is that (1) it takes capital, and (2) the return is 6-12 months out.

Turnover is going to take at least 30 days and have some hard costs.

They can be ok if you buy mainly for your own use and want to be far away from the hustle and bustle and rent to just cover your costs.

And to add to the stress, we took out a loan to cover the costs, and now we're watching our hard-earned cash disappear with each passing day.In this moment of desperation, I reach out to this community for assistance. 

Do you have the cash to rehab a property on top of the 20% down payment and closing costs?

Hey Mario, yes out-of-state investing can work well especially if you're in a high cost of living area.I invest in Detroit and live in California.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Taking over his already paid down loan at 3.5% for 28 years saves a ton of money and no bank qualifying or lender costs.

That way you can also do a good amount of vetting up front.