It is in an up and coming neighborhood near where my wife and I have done some rehabs and rental purchases of SFH's.  

Follow the tips on this website for addressing pesky gnats and fruit flies in the home. https://www.organiclesson.com/6-ways-to-instantly-...

So if you were to buy with a hard money or renovation loan, and you buy it right, you could buy and fix up a house with no money out of pocket with the right lender and as long as your purchase, reno costs and reno loan costs are under 70% of the value of the home, you could then refinance into a permanent loan and hold it.There are some smaller local banks that have a rehab to permanent where you can buy the house and renovated it with the construction loan and without "refinancing" the loan converts to a permanent loan after the renovation is complete.

This should have been addressed within a few days of putting it under contract, at which time you could have asked for a price reduction, repair, or get out of the contract if no suitable resolution could be reached between the seller and you. 

Recently got a house under contract and were looking for recommendations on contractors. I have used quite a few, but wanted to see if anyone had any suggestions here in Cincinnati. Mainly need a new floor guy in part...

Then you have to find a backup buyer.The other option is you find the house and have them finance it while you get the rehab done.

For example if I'm doing a gut rehab and I'm taking measurements for a bedroom I would like to know how much insulation, sheetrock, joint compound, trim, baseboard, paint, etc I should buy.  

I plan to focus on multi-family house hacking for at least the first 2-3 years, hopefully leveraging 203k Streamlined loans to let me do minor rehab work on semi - turn key properties. 

NOTE: Youtube is filled with stories of buying a propert valued at 60K at 55K, rehabing for 15K, then a Tooth Farry-esque 110K in equity majically appears.

To build on my question, say I find another investor to fund the rehab costs.