Just realize you're in for a long-play of collecting rents and probably zero appreciation, and when it's time for Exit strategy you will sell it to low-ball investors like me, unless you Rent to Own (RTO) to some poor soul who isn't financially savvy.You may have to be patient with the Seller to get them to drop the price $7,000, and at the end of today they may say no. 

How do you go about offering an extremely low-ball offer based on the estimate from a contractor?

@Tyler Harris Congrats on getting the ball rolling, its always best to start earlyDepends on your credit history.

You see, buyer agents have the buyer pay the difference in commission when a low ball amount to the buyer agent, if they show the property at all. 

Assuming that the property is a cape cod style house which is a common shed dormer renovation in these neck of the woods, the roof can be built out, and a bath added if it sits directly above the existing bathroom in the ball park of what you have budgeted.  

I want to get the ball rolling towards flipping my first property but not sure if I should wait or put it in my name.

So you have the option of playing ball (smile and nod along) and at the last minute getting a 1 week extension + the 3 days.

When it does, I ask the buyer to make a decision between us - and yes, I have walked away in those situations.As to the future, the key item that all of the crystal ball gazers are overlooking is that real estate is not a commodity the way an airline ticket or a new Chevy is. 

Aiming to buy my first BRRRR property in the next few months and get the ball rolling.  

If anyone is considering a cash out refi, they may want to speed up their plans to do so before the refi cap is reduced.Donthis is a smart move.. massive debt to eye balls is what sinks many..