That's not a trivial amount of money, but it won't leave you on the streets when you're retirement age.You got this!

Using your example:ARV = $250K75% of ARV = $187.5KSo, theoretically, you could refinance up to $187.5K, which would cover your $150K (purchase + reno costs) and leave $37.5K in equity.

If I leave 20 bucks on the table, I'll sleep like a baby and dream up the next big deal while others are getting audited or sued.

We have tenants move in on the same day a tenant leaves by marketing the unit 45 days before lease ends.

I have child support and live in the SF Bay Area (I'm not leaving for my kids). 

You are soliciting professional advice from people who know what they are talking about and you can take it or leave it.

With this property you must leave $50K in the property in order to meet lender debt coverage requirements.

When the tenant leaves or there is an eviction, you will be stuck footing all the bills with a low likelihood of recovering it.

Knocking off $4k for that additional bathroom let's say it's $170k ARV, looking at this for a flip and using the 75% formula and a $120k buy price that only leaves $7500 for a reno budget - I'm no expert but I'm pretty sure it'll take more than that! 

Once you leave the standard terms, everything becomes negotiable and depends on the lender’s appetite and flexibility.