I'd start by looking at where the money is going and how to increase your income and lower your spending. 

REPS requires you to spend over 750 hours annually and more than half of your working time on real estate activities.

If it is returned in full, the pref equity will receive their accrued pref before common equity receives their accrued pref + share of profits.So, common equity has "unlimited" upside but really no downside protection.

Why would you spend the money on an appraisal now?

Generally speaking solid insurance and a good umbrella policy will provide ample financial protection for most liabilities.

And then, whatever the seller was planning to spend, I'd have them pay that amount to me as an cash allowance at closing.

Lots of fakes out there so be careful.And its not so  much they will steal up front money from you.. but you waste time and money finding a place thinking they are going to fund you put up non refundable EM spend money on inspections only to have your deal die because you got with someone who cant fund or never could fund. 

That's a way to get both anonymity and liability protection.

Or, can you spend a little (or a lot) more and find a home that you'll be able to move into sooner and with less stress along the way?

So I don't want to spend $90K on a down payment and closing costs and only have $25K to fix it up.