Due to current interest rates, many CAP rates are much lower than they should be and usually there is only so much price discount a non-delinquent seller will be able or willing to offer.

If credit scores are fine, and you are just new to the work sector, then I would suggest doing a conventional loan with a strong income "non-occupying coborrower". 

Conventional loan, 20% down non-owner occupied.

I am guessing you guys are non-accredited investors.

I do however think as things clean up systematically, cashflow will improve and the benefits of low capX exposure in near term and appreciation will work out.

You can buy a rental house, put $60,000 down and you will have to get a non-recourse loan for the rest of the mortgage.

The other non-math issues I'm good handling myself. 

By all means give them a note on how to use all of the appliances (eg clean out the lint trap on the drier after each load, do not use dish soap in a dishwasher, change the furnace filter regularly, etc).

ChatGPT tells me that the cash out proceeds even if only reimbursing myself is non deductible because the proceeds are not reinvested in property

Instead of flipping the house, I should have wholesaled it—cleaning it out and listing it for another investor to take on the renovation.