Lot next door- possibly building additional home someday.

I will answer as it relates to traditional BRRRR, in the general case there are additional options.  1) Do not perform maximum cash extract.  

In terms of the down payment, that 75,000 includes all of the additional fees and associated costs and such as well.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

New roof, interior & exterior paint, finished additional living space What was the outcome?

The advantage if needed by calling it an investment home is that you can use the potential income from the property to help your debt to income ratio where you cannot do this on a second home. 

We plan to register an additional LLC (of the investor) that will hold 50% of the property.

Another avenue would be to call your utility companies and ask about installing additional meters.

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Rates are pretty high (12-15% with an additional 5% of the loan paid at maturity).