My issue is that while the cash flow is there, the ltv is not, and the unknown repairs that will be required by the city during the sale inspection has made me question moving forward.

They will be responsible for all the repairs, taxes & homeowners insurance.

Repair Cost (So you can actually be a good wholesaler)!

As you build construction knowledge, you can estimate repairs more precisely and bid on houses with more problems (make more money). 

I plan on using an FHA loan to take advantage of the 3.5% down payment and possibly a 203k loan depending on the repairs needed.

The ARV is 220 - 230K and repair costs are 20 - 30K.

We ran rent on the lower end for $3,600 income (current tenant paying $1,200, average is $1,800) with expenses being about $2,400 (pulling out 8% each for vac/repair/capex/management as it's a large old building). 11.58% ROI, 12.67% cap rate, cash flowing $1,200/month if we rented all at the lower rents.

dont forget that if the plumbing and/or electrical need to be replaced there will also probably be extensive drywall repair...

The Refinance loan is not the After Repair Value (ARV).  

Then, I make the repairs and rent the property.