There may be a seasoning period required to get a bank to loan based on the ARV.  

Now that it's reset, I will have just standard maintenance and period capex, but it still cost more than I expected. 

I'm anticipating 6k in repairs.My first thought was to do a traditional cash out refi, but I want to avoid the seasoning period and the headache of finding a bank willing to do a cash out refi on an investment property, particularly at such a low value.I'm considering an intrafamily loan of 65k thats properly attached to the deed.

In some cases, the original owner may have a right of redemption period that extends beyond the sale.

Some quick and obvious ones include: 1) not being able to find a good contractor2) even if I do, not being able to get him/her/them to walk the property during the diligence period to give me a thorough scope of work3) if I need to back out of the deal after seeing the inspection & SoW, that particular contractor not wanting to work with me again and then me having to start the contractor-finding process all over again4) not being in a good position to manage the contractor throughout the process, thereby leading to an over-time and over-budget (and potentially incomplete/subpar) rehab.I could go on but you get the picture.

Make sure you understand exactly what a tax lien is and how it work, redemption period, etc etc. 

I'm assuming the 2-year wait period will apply whether it's a property I'm buying off the MLS or an unmortgaged property I already own.

That said, if the seller is willing to accept your stated financing terms, then get them to sign a purchase and sale agreement NOW and just give yourself enough of a due-diligence period to figure the rest out!

Also, if you do a cash out refinance and do not find a deal for an extended period of time, that is a lot of cash sitting around and losing value.

I have VERY recently started acquiring property through judicial foreclosures, where I am bidding on the second position and acquiring the property subject to a first mortgage/DOT ( and a 6 month redemption period).