You probably need a lawyer.  

It will still probably be less than LVP

But it's probably worth getting it permitted assuming it appears to be done right.

This is probably a place where you go to one of the personal loan sites to borrow money or maybe a credit union. 

However, there's nothing preventing you from doing it through closing, and it's probably more efficient and transparent. 

If it was 20 years ago and they had the same name, its gonna be an uphill battle to go back now after someone has been paying taxes on a property and probably upgraded it during that time.

So if all stars aligned and you were in it for $185k + 36k you are at $221k - just lost $1000.If it needs $75k in work I would probably be around $85-90k for that home.

If you can't figure out how to escape that entry-level job and get into something that pays better, then I would argue you probably don't have the skills necessary to invest in real estate and manage it well.Focus on finding a job you can be proud of and that pays well.

Although I wouldn't suggest this and you don't need to do this, most lenders have a due on sale clause and this could be triggered (altough low probability) when transferring title out of a borrowers name. 

You can find higher ROI (on paper) here and probably in other cities…but the probability of actually collecting rent significantly decreases.