-I would need to hire a Real Estate Attorney to draft this unusual purchase contract, and that would be an extra cost.

Do you have extra land you can divide and pay down debt?  

Cost to acquire is ~100k and I plan on spending an extra 15k on repairs. 

Should I replace tiles with the luxury vinyl to look nicer (extra $1k to remove the tiles for such a small area, and vinyl would not be durable) or leave the tiles?

It was a win/win because with my guests going to dinner with a $50 gift certificate they felt like they were getting their meal paid for but the owner of the restaurant once told me that my average $50 gift certificate holder would spend a minimum of $75 while they were there on extras like appetizers and alcohol purchases that were typically big mark up items for him.

I do not invest in RE to have a little extra spending money.  

You could put 25% down and grab some of the extra cash you have and make the place more higher end - can equal higher rents - then sell for more in 4 yrs b/c it brings in more income.

Likewise, your payment will be slightly lower and you can continue to cashflow more and still get some extra money to reinvest.   

Good point -- she might be telling the truth, but it sure feels odd. 

Having extra liquidity will also help as you may run into some growing pains as you begin your journey as a flipper.