Why its so important because the appraisal better come back with at least 20-25% equity left over so you can pull the money you used to purchase it and do the repairs.That said, you can use cash, get ahold of a hard money lender ( most expensive option), or get seller financing.  

Also the property has appreciated and built in equity over that time as well.

Just a thought, are you in a position to develop other smaller project and learn from those experience first? 

I can definitely tell you there's still a lot of positive cash flowing and 1% rule deals and you get amazing appreciation.

I've build a lot of equity in one of my properties and I am thinking about recasting to lower my monthly payment. 

If you study their pricing, strengths and weaknesses, you will know how to position yourself. 

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

Picking personalities is a really crucial part of the process and making sure that the vibe stays positive and collaborative.

I would recommend getting in contact with a few lenders to compare:Securing a Mortgage:Down Payment: With $80K saved, you’re in a strong position for a down payment. 

Cash flow positive