Let me know if you'd like to hop on a call to chat, but this is one of the reasons why I mostly advise clients to always negotiate vacant delivery on properties before closing. 

I have found that they worked really well when it comes to getting better tenants and better rents, and having less hassle, less headaches, and then getting a higher sales price; without paying closing costs or realtor fees.

I purchased my first buy and hold SF rental property last year and turned the property into a student rental as it was very close to a local College.

I'd recommend having enough to close on the deal + rehab + $5k in reserve as a minimum. 

A purchase of $209k, $15k rehab, and ARV of $240k doesn't get you any thing back after you factor in all of the closing costs to purchase and to refinance.

By negotiating a significant discount, buyers can secure great deals while meeting the seller's urgent need to close the sale.

I think it was for down payment and closing costs.

Are you pretty close to the blue line?

A lot of it might feel like wasted time, but it's just practice until you find a deal that works and you close. 

My wife and I just closed on a duplex in Oakland, but the basement/garage was already converted into a separate living space with a bedroom and bathroom.