flooded home investment property advice for cash out refi

[Tuan Dang]

Hi I am looking at a home in a flooded area that is selling for asking price 150k (can probably go a tad lower)  tax appraised value was around 300kish ( I know since it has been flooded the value is more like 80% of that number).

I have about 50-60k and will get the rest for purchase and repairs from family.

I really do not know how much repairs would cost but It can get pricey I am sure . Still in the beginning phases of that. 

I actually plan on living in here for a short term while the market for this rebounds post flood. 

I have read up on the BRRRR strategy but that seems to work for renting it out. I want to cash out and give my family back their money . I was trying to see if this is possible or if you guys recommend any other strategies. Thanks.