At the right sale price that money can be stretched either way.

I don't have much to add other than running numbers from a few different standpoints such as, realistic, and very conservative, to what seems like may be a stretch, I like it because you get a range of numbers and if none of them work, it answers a lot of questions, if some work you may have to do more research or be creative in other areas such as financing or strategy.

That might be a stretch though, if the rehab is too extensive.Would it make sense to first invest in a flip (or a few?)

Haven't experienced the "take longer" part but I'm sure my 1 month timeline will stretch out...

As well, generally not adviseable to "stretch" rules, as you are dealing with people's livelihood. 

Having properties with multiple liens, and or mortgages can stretch your closing period.

Crowd funding of RE for such a large amount is a real stretch. 

If I did it in cash I would be stretching myself so thin I would be worried if I can even finish the work

My inclination is to stretch and go for it but as my experience has all been with SFR, I would appreciate input from those with more commercial experience before I pursue this conversation with the owner. 

It will also be a stretch for an out-of-state flipper too...depending on the price point you are looking at (because you'd have to pay 20% down for a mortgage, then fund the rehab with some amount to a hard money lender...).