So, at the lower ARV ($175k) you can refinance into a $122.5k loan, which would mean you'd have to bring more money to the table. 

That'll require you to bring less investor capital to the table. 

What skills and experience are you bringing to the table?

Remember, Sandwhich lease just means that you are leaving the title and loan in the seller's name and you are bringing a tenant buyer to the table to purchase the property in about 2-5 years. 2: Get someone else involved that knows how to do it.

When you're starting, imagine something going really wrong that you missed and so you have to bring 5, 10 20K tot eh closing table.

A local bank was willing to finance both properties as a package, and I only had to bring 8k to the table to do it.

What do you bring to the table?  

If you like it, put in an offer at the original list price and leave it on the table for a week or two. 

We both bring great things to the table. 

The market was moving so fast, we didn't really have time to develop a clear plan for how/where this dwelling would fit on the property before signing our contract (we were one of 8 offers on the table within 36 hours of listing).