It needs cosmetic work to the point where it shows terribly (busted counters, decrepit fixtures, terrible flooring and paint, etc.).

Through the process of renovations (~30k in work doing a new kitchen, windows, cosmetics) we anticipate we will have built ~40k in equity.

.$30k will get you a thorough cosmetic renovation on a 1,500 sq. ft home.

The great thing about finding a house that you fix yourself.The value add you can create with improvements both and cosmetic and structural if needed.You get to screen and pick your own tenants?

Ideally looking for a duplex that is turn key or has only cosmetic repairs needed. 

You can do basic cosmetics for that amount, but if any mechanicals go out, roof bad, hidden structure issues, foundation issue, etc., $15k probably too low.

Process isstill ongoing , as I had pout off some minor cosmetic work ( outsidebrick and painting ) to focus on new apartment , but city will notissue a clean complete COA until all the deficiencies on maininspection re taken care .

Here are the numbers:HUNTLEY RD WESTFORD, VT 054942 BEDS, 1 BATHS, 711 SQFT, 3 ACRE LOTARV: $204k REPAIRS NEEDED: 3-5K (Cosmetic)RENT FOR SIMILAR HOMES: $1,800MORTGAGE AMOUNT: $153,570.67Seller wants 8k to walk away from the loan.AVERAGE HOUSEHOLD INCOME: 81KMonthly mortgage - 935/month Interest rate - 3.25% Terms - 25 years fixed Are there experienced investors familiar with Sub 2 deals willing to walk me through how to structure and maybe join in on this?

The original thinking was that this was just going to be a quick cosmetic flip with no permitting needed. 

Other than the cosmetic damage see picture, I don't understand why it need to be replace.