If I buy w/ enough equity in the deal, do I need a down payment?

[Vincent S.]

Scenario: An REO foreclosure lists for $400k on the MLS. The property appraises for $800k. Will a mortgage lender give me an amortizing loan at 75% LTV (i.e. $600k), based on that appraisal, to (A) purchase the property without a down payment, (B) do some rehab, and/or (C) walk away with cash in pocket? If no to all 3 options, is there a different vehicle that would be used for such a purpose?

I'm trying to figure out if there's a way to avoid paying the costs for two separate loans as you would in a standard BRRRR that starts with a HML. I feel like I'm missing something tho, because something tells me it shouldn't be that easy...

If you have any thoughts, please let me know! Maybe my brain's just melted from a long week, so I'd greatly appreciate the assist!