The comment was extreme, to be sure, but with more than a kernel of truth. 

(Some will limit to 75% for investment properties)With this in mind, you have a few options:1) purchase with a mortgage, put in the extra 20% down payment plus rehab costs, then refinance in 6-12 months.

Most lenders require minimum 25% down, but I am particularly interested in 20% down so my cash isn't all tied up and I can use the extra cash to deal with contingencies.

Then its not really a 2 unit or extra apartment in a single family.

Again, we are not JUST buying the rights, as I know that is an issue in many states, but we would purchase the property at auction and then pay some extra to the owner for them waiving their redemption rights. 

I've got a feeling that the truth lies somewhere in the middle, so I plan on exploring further. 

Mostly because of the lack of comps and the extra building on the property.

In Philly, that'd be an extra $2k.

I have an extra basic ticket ( they will send to me a couple days before the event) .  

So give yourself extra time to get the contractors estimate and work through that process.