$100k would be tight.A 3/2 -- 3/2 no walls moved;   $90k is possibleA rental rehab;  lipstick, no HVAC or roof, keep everything, paint kitchen cabs and scrub up bathrooms. 

Just remember that all the deferred gains and depreciation recapture will carry over.

@John CarrI recommend finding an accountant who specializes in real estate taxation and tax planning.

Carry on, invest smart, love people, have fun while doing it.

BUT, it would be subject to the existing $160,000 mortgage balance carrying a 2.75% interest rate.

The latter process would take more time (due to capital generation from other sources), cash investment and end up with much less capital appreciation over time but would also carry much less potential risk. 

Like you mentioned and what I've read is the deal structure and sponsor carries the biggest risk so thank you!  

SHORT TERM OWNER FINANCE - Ask the seller to carry the note for 12 months until you can owner occupy. 

The client is seeking a minimum of $3,750,000 to pay off the first lien, but would prefer closer to $4,500,000, which would provide a few months of interest carry prior to the potential new tenant taking occupancy.

(I had additional carrying costs from a HELOC, which meant I walked with around $45,000) What made you interested in investing in this type of deal?