The property is basically a shack.

I'm sorry if this is a basic question, but I'm learning as I go!

Brendan, you have the basic concept, well done, but as Johnny points out, a bit flawed, but the principles are there.

I am basically in the stage that I have determined to get into RE just need some money but not sure how much to get started as well as which route to go!?

Basically everything but the kitchen has been paintedthe refinishing of the hardwoods in the first floor entryway hallway, the living room, and the dining room will start on this upcoming MondayWork has started on the outside: framing of the front door, taking down of old awnings, patchwork on the concrete and the painting of the foundation has all been completed. 

The house has a fairly narrow backyard that is basically all patio and pool.

You can learn more about these basic standards at this link:HUD Minimum Property Standards

As I would love to break in to Flipping  and flip this 3bd/ 1b house but  I can't  afford the 10 to  20  it Could cost right now so I  will do  a basic/nice  update replace only the carpet  in living and dining rooms,  No opening of walls ( if Flip kitchen would need to be done, it's a small and weird shaped kitchen) put new Kitchen cabinets back plash tile  floor and maybe re tile tub area in Bathroom and paint.

We were absolutely devastated.Where we stand now: we immediately called Nationwide (our homeowners insurance) to file a claim, got a mitigation company to come out and they’ve basically ripped out the house down to studs on the first floor.

This is going to be a section 8 rental in basically a C, C- area of Baltimore.