The method you discussed is definitely one of my options.

With a large enough down payment, you may be able to find something that works if the property is something you can afford.You can look into seller financing or getting a co-signer as alternative methods to getting a loan.

I would assume this would mean the big ticket items (furnace, HVAC, plumbing, windows, roof, etc.) are in safe working order.

-The plumbing and electrical connections I can take care of with my people.Any advice you guys could provide would be greatly appreciated.

I would suggest getting approved for the refinance first before you attempt this purchase method so that you don't have an issue with the financing, especially if you consider getting a hard money loan, the private lender will want to see your pre-approval letter so they know you will not get stuck. 

Hi Ishmael,Here are a few to try...MIH Partners - 516-524-0138Rodney Ciafre (Electrician) - 610-840-3739TA Austin is my go to plumbing company!

Replacing all plumbing fixtures with Delta?

And if I want to add a bathroom, what should I calculate to plumb that?

The BRRRR method there is a bit tough- even "fixer uppers" are priced just about as competitively as turn key homes and I'm sure construction costs to rehab are sky high.

Ive used this method and it works!