(We switched to commercial financing when we ran out of loan slots with Fannie Mae.)  

In NYC trying to compare like properties and eliminating co - op debt, co-ops will sell for 60% to 200% of a comparable condo.  

Hey guys if a city worker who can buy properties for half off on the land bank as part of there benefits would it be worth it.

try to get the owner to finance it.. 

At that point, whomever you choose to refinance with will send out an appraiser to value the property.

When you have all the properties identical to each other, how do you compete?

Quote from @Daniel Tanasa: Another option is to get a small cash out refinance from the house you plan on fixing up, if is in financeable condition, and use that to fix it up, while still cash flowing.

How will the ownership of the property be?

I have used HELOCs for probably most of the purchases of the properties I own. 

Creative financing to buy deals is another dangerous approach.