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

@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.

hey @Jason Lowe your property sounds incredible and it sounds like you have some good ideas flowing.The BiggerPockets community has profoundly impacted my journey in real estate and investing!

That is a big fat NO!

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

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.   

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

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?

I buy where people want to live, not where property is cheap due to low demand.