How to roll rep. cost into rental property loan?

[S Harper]

We are making an offer on a lender owned property that will need 15-20k in repairs. We are planning on doing most of the work ourselves. We are bidding 10K below sales price (it has been on the market for many months).

Our agent had several suggestions to get the repair $, including:

get 20k commission to realtor and he 1099's it to us

pd to mtg broker as discount pt and broker gets it to us

find a lender who will loan based on post-repair value

do fix&flip loan, refi when repairs are finished

This will be our first rental purchase, so we are at a loss as to which is the best option. Not really interested in the f&f loan - 10% int. and having to pay for closing costs again at refi.
I have been reading through the forums, but am still seeking additional info.
Any suggestions/info would be really appreciated!
Thx - Suz.