Just know that there's nothing worse than showing a ton of properties to someone who doesn't have any skin in the game and so they never write an offer, or they don't do their analysis properly so they never write an acceptable offer.

The $20,000 back as a credit, now you close with very little down.Third was to find hard money lender's or friends and family money to borrow that down payment.Lenders don't really like either of these things because even though they are only loaning you 80% of the property value, they still want you to have a "skin in the game".

New paint on all surfaces inside and out, new counter tops, light fixtures, ceiling fans, appliances, vanities, toilets, faucets, some new doors, quite a bit.

You've just scratched the surface of what your capable of my friend.  

We are looking at a house that, on the surface, looks like a good candidate for the BRRRR strategy, although when I run the numbers through the BRRRR calculator I can't make sense of them to pull the trigger on the deal.  

ONLY take 1st lien position3. make sure you don't lend too much (or you will end up like me...and my first PROBABLE loser loan)4. make your buyer have skin in the game.

If the damage is only surface level (the varnish) and not into the wood,  the damage is pretty minimal.  

So 12k skin in before repairs, 48k owed on property.I am looking into purchasing a second property as soon as I do the updates on this one.

To ensure they have skin in the game and protect you in the case of default.Think this through. 

If they feel insecure you could add another type of lock, like a sliding bolt that mounts on the surface and slides into a hole drilled in the jamb.