I'm offering $115K cash and can close as fast at the inspections and title work can be done. 

So either you pay for the repair out of the idle cash in your account, file an insurance claim and use those funds, or rollover/transfer funds from another retirement account to cover the cost. 

Thanks in advance for your advice!

This would allow for a longer carry back with up front cash flow.

Most lenders won't require an application fee and should be able to clearly lay out their financing costs, cash to close, and projected profitability for you.I hope this helps.

Are there going to be banks involved, creative seller financing or all cash? 

If you have cash on hand to fund the rehab and want to extract it soon after the project is done, you can use delayed financing.

In short, the previous owner made a deal and sold the house while they were still living for monthly cash payments until they died.  

Gifting equity in a house may be more trouble than it is worth if you are not near the life-time exclusion1) Potentially having to get the property appraised everytime an equity is gifted2) Having a title company update the title every time3) Exemption of the gift tax return is normally for cash gifts below the annual gift tax exclusion, you may still need to file if you gift non-cash4) If there is partial ownership over several years, having to properly pro-rate certain items such as real estate taxes, mortgage interest and rental income if the property is a rentalBest of luck 

Renovation cost is roughly $30K.I guess what throws me off is that you say Cash invested: $60