Here's the numbers:Single family house in NE San Antonio. 1,456 square feet, 3 bed 2.5 bathPurchase price: $105,000Rehab; $20,000Hard money loan: $112,500Cash out of pocket (From HUD stmt):$12,500 (down payment)$2,250 (points)$385 (lender fees)$892.50 (title fees)$1,320 (insurance)-$2,001.34 (credit for unpaid taxes)Total: $15,346.16Actual rehab cost: $19,678.12Hold time until rehab and refinance complete: 98 daysInterest expense: $3,020.55Refinance loan terms: 30 year adjustable rate mortgage at 5.75% interest fixed for 5 years at 85% LTV and 1 point.Appraised value: $164,500Cash-out refi amount: $139,825Cash back in my pocket after lender fees, title fees, down payment, interest expense, insurance, etc are all accounted for: $5,389.50Now the place is rented for $1,200 a month and I figure I'll pocket about $200-$300 a month after expenses and mortgage payments and in the end, no money tied up in the deal!

I know there are many creative ways to get funding so I am turning to experienced investors on BiggerPockets to see if there is a way we could swing this, or if this property is too big of a leap to start as a beginner without a large down payment.

I would personally then use the 40-50k to increase my buying power using Hard Money/ Angel Funds/Etc. 

Also, is there an LTV limit (I've heard 75%) on refi?

There is a lot of good information here on BP in the forums.The basic concept is that you can diversify your tax-sheltered retirement savings from stocks, funds, CD's and other conventional financial products and include investment options such as real estate, notes. etc.  

We were thinking of selling our current property and maybe getting 40-50k from that and adding it to our saved funds as this property is probably not the best to have in the long run. 

So you're saying that if I buy in cash, pay for the reno myself, I will still have the option to pull my funds back out after the place is rehabbed and rented?

If funds are tight for you, go door knocking as your way to generate leads.  

First the bad, most banks will not fund the loan nor will most home owner insurance companies approve a policy until restoration and remediation is complete.

I'm sure you'll do an inspection before you buy, so you won't be guessing about the condition.A couple thoughts on your numbers:1) Can you really get a 4.5% 30-year fixed loan on a non-owner-occupied property at 80% LTV?