@Kevin Forsellout of state BRRRR is going to be an extremely difficult way to get started. 

The property is ~75% occupied, so it wouldn't qualify for agency programs.The seller is extremely motivated and may even consider seller financing her equity.

And small landlords dont have the power to change these laws. 

Probably not, but perhaps yes.Governors have no direct power to affect housing.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.PM us if you’d like to discuss this logical approach in greater detail!

This will increase the return above what can be obtained on a passive investment.The flipside of having the power to control everything is that can be alot of work (and a full-time job if you are putting in sweat equity).

I've been seeing: AS-IS contract, Sub to addendum, Authorization of release, power of attorney.

Matthew, thanks.I understand maybe my situation isn't "extreme" enough to highlight the point I'm trying to make.So I'll try a different approach. 

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.PM us if you’d like to discuss this logical approach in greater detail!

There is a point where  you'll be able to cash out refi from the property, but without extreme appreciation it probably won't be in year 1.