If you're able to house hack where it makes logical sense, you have a great chance of financially winning long term. 

So why would they go skinny to win your business? 

Throw in that you can dramatically increase the value of the property once you show consistent rent rolls much higher than when the space was used for LTR, and you have a big win. 

@Guillermo PerezPositives:- Equity Built: You now have $70K in equity, which is a solid result for your first deal.Cash Flow Potential: If the property rents well and covers your debt service while providing some cash flow, that’s a win.- Experience: You’ve successfully navigated a purchase, rehab, and refinance, which are the core components of BRRRR.Considerations: - Budget Overrun: Being $27K over budget highlights the importance of tighter cost estimates and contingencies.

The landlord must take to court a copy of the Notice of Eviction, the Affidavit of Service, the Complaint, the Summons, and any witnesses or evidence needed to win the case.

I view it as instant leverage.  

Often times, there's houses or land worth $500k listed with an opening bid of $30k which is a fantastic deal; however, if you were to win the auction, there may be multiple liens and $100s of thousands of hidden fees that you have to pay at once (based on what I read online).

It is also the seller's fault for accepting it, they full well knew this was not right.If you were to file for eviction for non-payment of rent, you'd probably win.

It's the ultimate win/win.

Don't get me wrong the market goes up more over time then down but if you happened to take out the loan when the market was at a high point this would actually be a win for you.