All of that would be outlined in a standard buyer broker contract.I agree with Michael, you need to have a team in place that you feel you can trust and is working in your best interest.

So much for the rules outlined by the bank.Also, by having a stable owner living in the property (instead of renting/flipping), it stabilizes the area for other homeowners. 

I have seen these get done with a JV or on a very strong ARV appraisal if you have a well outlined, line item pro forma construction budget and very good credentials. 

It sounds scary, but if you just follow the FHA rules outlined in that article you will be fine.

You need to shadow someone before you go taking out lines of credit or blowing your own money in the wrong areas of town, or on the wrong updates.

Your purchase is with the mortgagee.What Dion outlined is very good for a mortgage broker.

This will have your bio plus give a good outline of your current and future real estate business and investing strategy.

You can start by sending a letter via your agent to the seller outlining what you mentioned concerning the repairs, etc... and how you really love the home and why you want to purchase it. 

I would probably start as TIC with % listed and have a JV agreement outlining how sales proceeds and/or losses are addressed.  

Fast forward a few years (after we had left the property) and we ended up selling and using a 1031 exchange to purchase additional properties, but doing a cash-out refi to finance other investments was also a potential option (outlined above)