@Guenevere F. you're going to need 20-25% down to get a mortgage.If you target $100k, that won't leave you any funds for closing cost, maintenance or emergency reserves.You could try targeting around $80k, but the $16k-$20k down payment would still not leave you with enough.If you buy under $80k, you're probably buying such a low-end property that it is unlikely to meet your performance expectations.

Obviously if the value is low that's one thing, but what if I pay and they deny me for some other reason?

Any reduction in non-mortgage debt can make a big difference in your overall DTI.Since you mentioned having funds for a down payment, putting more down on your new purchase could reduce your new mortgage payment and lower your DTI.

But in the end we bought a big townhouse with low HOA dues for ~$50k under market value.

Learn by doing, not by paying.You can do all the right things after spending $40,000 on mentoring and not end up with any real estate.If you invest in a project.....very low chances you end up with nothing.   

Now, one month later, I’m called to face this situation.My energy level was low.

If the rate is low you'd be much better off finding solutions other than refi (pulling personal loans, second positionAlso, what's your credit looking like?

Great Buy and low interest rate. 3.5% How did you find this deal and how did you negotiate it?

My somewhat unique situation is that I have low reported income due to the structure of my investment accounts, yet I have access to meaningful capital.

@Dion DePaoliWe do work almost exclusively in low value band assets under 125K values.