So the way most of us do this is we buy a property at a discount, usually one in disrepair, then we fix it, then I can refinance the 85% of the ARV. 

Otherwise, it's a super deep discount to what the bank will actually want to sell the house at.

If you're trying to look for a tax delinquent property, you should look for one that is actually distressed and where you can get a discount. 

So the repair would have cost roughly $452 - $481 based on the data I was able to uncover.Per a search on BestBuy.com, the cost of a new range is roughly $500 + tax + installation given the current Black Friday discounts.

You could try to start wholesaling these properties if they're at a great discount.

I have a 1100 sq ft 3 bedroom on the market in the south suburbs that I discounted to $975/month ($300 less than the average for the area). 

We also give a nice discount for renting both sides, versus each separately! 

@Deven Wolfe It's ok to be under water if  you are buying the property at a huge discount, have plenty of disposable income to pay the shortfall, and have significant reserves for repairs.  

Since I last posted, I hired a contractor, purchased a granite remnant (almost a whole slab) at a discount, and ordered kitchen cabinets from the Lowe's store near the property I am renovating.

You’d need to be buying at a decent discount, And verify the proper process/notices were done.