How to finance 2nd property?

[Taylor Robertson]

There is a SFH my relative is selling at auction due to personal life circumstances. They said they would sell me to directly if I wanted the house. They're hoping to get 150k for it, but sound willing to take less. In its current condition, I believe it would appraise for 160-170 and after updating the house cosmetically, probably 180 or more if I had to guess.

If I’m able to get an offer accepted at below 150, say 130 or 140, and put 20% down, would I be able to pull my money out of it @ the 80% after the appraisal? I may be totally off here. Any suggestions on how to best structure the deal in order to put down less cash or be able to take the cash out if I buy it low enough? It would be a long term rental. The home needs about 10k worth of work.