No one pulled a payoff to confirm the balance or looked at the latest statements before closing? 

Very close to two college campuses and downtown. 

Did they close on time and deliver as promised? 

Turnkey or close to turnkey would be nice, but willing to consider a fixer upper for the right opportunity. 

Avoid PMI and then go to a local credit union and get a heloc after closing to gift the money back.Have this as a tool in your tool belt but pursue use of the 3.5% FHA, knowing that you will be at a competitive disadvantage if you are competing with non FHA buyers, then you can call in the favor from your gift person.Just know that if someone gifts you down payment money, your bank will require them to sign a letter stating that it is in fact a gift that doesn’t need to be paid back.

My company offers fast-closing, no credit/bad credit loan packages in 44 states and referrals in the other 6.

A purchase of $209k, $15k rehab, and ARV of $240k doesn't get you any thing back after you factor in all of the closing costs to purchase and to refinance.

If you swing for the fences, don't be surprised if you strike out.

Or even just use the FB group where people bring deals for a finders fee, you evaluate and then pay a % to a TC to help close the deal.

Account for all costs, including closing fees, holding costs, and repairs.