If I'm reading that correctly, the takeaway is that a delayed financing will top out at 75% LTV, but if I can nail my purchase price and any rehab costs inside of that number, it would be possible to take out the full amount via the delayed financing loan (by including the rehab costs as a Settlement Charge on my Closing Loan Docs)?

@Benjamin Sussman - I was going to provide some other comments but @Brie Schmidt nailed it. 

Both names are on the deed. here’s the down and dirty on the house:Mortgage— 434kARV—- approximately 650-675kMortgage is current my friend needs to stay in the house for the sake of her 5 kidsShe owns her owns her own nail salon/spa which is mostly a cash business Her credit score is 600ishBecause she is not a w2 employee she will have a difficult if not impossible time getting a conventional loan. she has asked her ex how he needs to walk away from this mess and he said he wants half the equity. 

@Patricia Steiner nailed the failed economics of it but it's over their heads.  

We have also both listened to the BiggerPockets real estate podcast non-stop, have nailed down our investing criteria, read books on everything from property management to negotiations, and have put a business plan together for our real estate investing future.

I think you nailed the potential improvements.

East Austin is in development and you hit the nail on the head, it can be a tear down house next door to a brand new $1M build.  

I have my 'why' and buy and hold strategy nailed down.

So, it didn't even get to the point where we had to go to court.We are still owed 10 months of back rent, but we have their address, so can nail them in small claims later. 

I am pretty new to the forum still so apologies if there is a better place for this post to go.I am pretty early on in my investing journey and working to nail down my strategy for when I have the funds to purchase my first property.