Which the bank refused point blank.Fast forward a few months later and several price drops to $99k and the bank is screaming at this broker to find the investor who originally bid $85k.

I don't see the screaming good deal on this one with the numbers you've given.

Your biggest population of visitors will be snowbirds in the winter season, that is your bread and butter.

Additional inspections at first sign of any trouble (late rent, excessive number of visitors, unusual noise, etc.)

I'm inclined to agree this John and Alex thought it may not be worth it unless you get a screaming deal, I have remodel a lot of old homes and the can turn out really nice but there is a lot of unforeseen issues that could come up.

I'm strictly D4D and looking for houses that look neglected, vacant, or scream for help.

He screamed at me, "Why don't you come here and do an honest days work and get your hands dirty."

MAREI meets on the 2nd Tuesday of the month - Sept 13th is the next meeting 6 pm to 9:30 pm, Holiday Inn at 8787 Reeder Road in Overland Park - we have a listing here on BP about the 13th meeting and the 17th workshop.First time visitors can pre-register for no costMeeting:  https://www.biggerpockets.com/forums/521/topics/350440-marei-monthly-meeting-overland-park1 Day Workshop:  https://www.biggerpockets.com/forums/521/topics/350448-1-dcreative-real-estate-investor-training-workshop-in-kansas-city

And you will have to have reserves and the other requirements for getting the refinance loan.You're only going to pull this off with little cash in to the deal if you have a very flexible HML AND a screaming deal. 

My brother had to evict some visitors of his girlfriend who overstayed their welcome but he never rented to them.