Hi @Patrick Gault,A lot of this depends on both on your time frame (for your first withdrawal) and how you define "low risk".If you are looking at needing the money in less than a year, the only "low risk" option that I am aware of is keeping it in cash. 

Depending on the quality of the finish, the building size (the larger the size the lower the $/sqft), your level of experience, etc.

It used to be a cash-flow goldmine for lower-end SFR’s.

The lease payment replaces the electric bill, often with a lower amount, so from a cashflow angle it usually improves the customers position.

Negotiate a lower price if inspections warrant that, do a walk through the day of signing, and if everything is still okay--no squatters etc-- go sign the papers, pay the money, get the keys, change the locks and move in...I would guess I might have missed a step or two...

It will be lower in years 1 and 2 during the value add and increase from there. 

Often times this can be a win-win, even if your offer is lower than others.

Some people offer as low as $100 and the state will accept it, giving them either the tax certificate or the tax deed (depending on the timeframe).

A good strategy is to use the LOC to make an all cash purchase, that way you increase your bargaining position, then once the property is yours, get a lower interest 30 fixed loan on it, & repay most of your LOC.

Time frame to build that all out I would imagine is in multi decades?