Let's do the math.Assuming 900/moth rent, that means you have 800/month expenses...every month...including the months you have a vacancy. 

Why don’t you just do seller financing on it with a $x down payment but do delayed payments for 6-12 months while construction is happening so you’re not making payments while you’re in the middle of rehab and vacancy. 

Escrow really dropped the ball since that lien should've been discovered and resolved prior to buyer giving their landlord 'notice to vacate'.Now Seller is asking for a minimum 30 day extension to try locate lienholder and clear lien however, buyers would have no accommodations to stay in the interim, as their landlord stated they have to be out in 14 days since landlord already filled their vacancy with another tenant and have no other units available.

Of coruse, there is the rest about for capex, reservce, operating expenses, vacancy, etc. 

So, when you select a property, you are also selecting a tenant pool, maintenance cost, and the vacancy rate.

It would also allow you to have some reserves for when the easier come due or the vacancies occur. 

I have set aside 50k in which I was planning to use for repairs, vacancies, and renovations which is why I would much prefer not having to put 20% down.

The cash is needed for things like vacancy or repairs. 

  #2 - NOI calculation is incorrect as it doesn't take into account vacancy, taxes, insurance, and maintenance.  

Purchased for $950,000, Annual Scheduled Gross Income 136,800, 10% Vacancy Year 1 and 5% Year 2 And Beyond, Putting in 35k Rehab For Laundry And Older Flat Roof, No Flood Zone, 15%+ COC on a 75% LTV...