I also know that a lot of builder's lenders a doing a 2/1 rate by down.

Yes I know it's not a perfect BRRRR and I can't cash out everything but it's better than not picking up the 100k equity.

Quote from @Michael Daniel: It's very important to know what you are buying, which includes confirming the presence of a written lease and what the terms may be.Your offer to purchase should include a requirement that the Seller provide all documentation and agree to sign an estoppel certificate (also called an estoppel form or agreement).

I haven’t looked at it yet and I don’t know the price but he has given me first opportunity to look next week when she moves out.

Let me know how I can help!

If you are investing consistently, you will know what your market charges for the work needed. 

I know that is tangential to your post, but there are pros and cons to just about all of these questions, and each sponsor will spin their answer to why it is better.I.e. track record: "we have an 7 yr track record, having sold 26 deals and averaging 28% net IRR to our LPs" vs "we have been in business 24 yrs averaging an 18% net IRR to our LPs, including 4 deals that lost money".  

If you are a seller willing to pay portion or all of a buyer’s commission, make sure your  listing agent knows that and is aware of how much.

If anyone knows, please let me know ASAP.  

Others are okay with a small net loss for high appreciation and know that a reasonably near future refinance could knock them into the green.