The minimum down payment for a property in this price range would be roughly $27K.That said, you also need to account for bank closing costs, inspection costs, appraisal, attorney fee, and title costs.Your scenario may require a seller's concession to account for these additional expenses.Investing with $50K is totally possible in this market but your journey may be met by challenges i.e.

Unless you buy it all cash you will need to wait at least 6 months title seasoning to refinance on the ARV.

It also gives you the opportunity to be creative on how you want to vest/take Title (LLC vs Individual name). 

Quote from @Jesse LeBlanc: @Jay Hinrichs I know you'll see this soon, might as well tag you ;)  good work naming names is the only way to protect the public.. these schemes have been going on for years..

When someone else is on ownership (or deed/title) then they would need to sign a couple of things at closing to give permission for a lien to be applied to the property they own - but that doesn't mean that HAVE to be on the loan. 

I would love to tag along with anyone who is planning to bid.

It’s still a little ways out through rent to own because my fiancé and I both want to be on the title.

Some title/ certificate of occupancy issues can cost $10,000’s-6 figures to resolve.

If you take title to the property as an LLC with you as the only member (and that elects to be taxed as a sole proprietor) then the property will still be reported on your joint tax return and that would be fine.When you sell you can sell as that LLC and buy as the same LLC or another disregarded LLC, or as you, or as you and your wife, or as just your wife.

I don't know why I can't tag him, but here's a link to his BP profile.