Property ARV is ~ $180K, Rent in area is ~ $1650. repairs is estimated at $20k.

No major repairs, own free & clear.

The quality matters, so be careful what you select.

If you'd like to go over this point-by-point as a buy-and-hold repair scenario for the experience, send me a PM with the address so I can check out the listing in Zillow and we'll do it as an exercise.

Hi @Christina Luton, I'm a bit conservative, but I figure 10% vacancy, 7.5% each for Repairs and CapEx.

You own the property, but if you dont make payments or default, she can foreclose on you and get the property back with repairs done to it. 

To use seller finance to purchase a property and use my own money to repair it( i would have to purchase something that does not need more then 10k of work) Or use a heard money loan to buy the house cash and also repair it and then do the refi to pay the loan back ?

The only option is to repair/maintain the current structures... or wait for a hurricane/blizzard.   

And you'll want some cash reserves (especially when you get a new property) for improvements and repairs that will undoubtedly appear. 

I have a case with a tenant that is trying to negotiate a lower rent due to delayed repairs/inconvenience of doing repairs.