So im ready to take on my first property. i've formed a partnership with my best friend who is an agent which is very beneficial , i manage a hardware store  which will be extremly helpful when it comes to buying material aswell as networking with other investors and contractors. so heres the deal we are looking at single family twin  ( reo) asking price is 62,500  going to offer 40,000  hopeing that works . house is going to need a kitchen (12,000) bathroom (6,000) going to change the radiator heating system to hvac (approx 4000)  finish the basement (7,000) siding (6500) new oak hardwood floors (2500) new doors interior and exterior (5000) and a concrete patio out back ( 1,500)  and other cosmetics (5,000) we figure all said and done we would end up about 90,000 into the house which the market in the area has them going  around 135,000 as a median and 165,00 high end 120,000 low . how does this sound to everyone any and all insight is greatly appreciated thank you in advance for your time and thoughts.

Financing might be able to be a little longer, but you're going to need to come up with a buyer quick.If you try to put in some sort of "if I don't get a buyer" contingency, your offer's going to be rejected.

I went to my bank and started talking commercial lending with them rather than residential, the tone of the conversation drastically changed in our favor, leveraging our equity through what amounts to a blanket loan.  

You need to take into account that you are going to need to cover the holding costs on the property until it sells, and not all houses will sell right away. 

I have to purchase it at below market value, it has to need work done, there has to be multiple ways to add value, and preferably have some land.

At some point I'm going to need to leave my full time job and take on the expansion of the lawn care/landscape business. 

The reason i opted for the warranty is mostly due to the age of the AC unit - I expect it to need to be replaced within the next year and was hoping to not have to replace it immediately.  

Gray is a great color to combine with warm wood tones.

If you're targeting MLS-listed properties, you're going to need to show proof of funds (or a pre-approval letter if making a financed offer). 

If you don't want an eviction on your record then you're going to need to move or pay rent.As for your security deposit I don't believe the new owners can require one until the expiration of your current lease.