If you can purchase this home with private money or seller financing and get a $110k loan, then you could do a rate/term refi right after so do a 90 or 120 day note to secure the property and get it in your name, then refi into long term debt using the full appraised value. 

First, let's be very clear here.The mortgage your speaking of is a private agreement between the seller and the lender.

Feel free to send me a private message if you need assistance finishing a project or want to start a new project in Cape Coral or Lehigh Acres

@Rennell Goudeau Hi Rennell, send me a private message and we can connect.

Also, it often helps to connect with a local agent/do extensive due diligence on renovated/new construction properties to see what the property may sell for or appraise for (if doing BRRRR method) as that can impact the price you should pay.

I'm an asset-based (hard money) lender from Atlanta with an extensive 15-yr background in residential and commercial real estate looking to learn more from the BP community and how I can help those that need investment financing. 

Big cities tend to have more regulations, more crime, more leftist-leaning policies that hurt investors and private property rights, etc.

Private Money vs Hard Money:Primate money is negotiable.

Did you guys ever raise private money?

You also cannot use a second mortgage (from HML/private lender) for a 2-4 unit non owner property.