The list provided in that link is not overly accurate.  

I think that's a pretty fair and accurate description, @Rob Cee

I have schedule E's, copies of leases, and building inspections have been performed.  

. $70K purchase price and $100K value), will lender perform a cash out refinance right after the purchase?

In the discussion that ensued he laid out property condition spectrum with three distinct points of reference: Fully Performing; Value Add and Rehibilitation Condition.  

I do plan to call some local brokers here but not sure if they give me accurate information.

I have the impression that portfolio lenders give loans based on the performance of the properties.

If you do business with them you wont have to worry about what neighborhoods to stay a way from as if your investment performs poorly they will make sure you are successful with all the guarantees and promises needed in order to make a low quality property perform like a good one.I have copied the link here where you can see that the lifetime guarantee is part of their program.

I did see that other Florida counties do it online, but I am not finding accurate info for Orlando. 

If the rents support the mortgage and the note has a good performance record then the lenders will be more inclined to work with you.