It all depends on your goals.

It does help to have a agent that understand your goals

My goal is upon closing of the loan I'd like to publicly file that:Jon Doe grants property to Jon Doe, Trustee of Blueberry Farm Trust, pursuant to the terms of the of the Trust. blah blah blah.  

You have to look at it if your main goal is tax depreciation, cash flow today, or equity growth on the back end?

Prior to that, you may be able to get a loan based upon the appraised value, but it will typically be at a lower LTV which will basically put you in the same position as if it were based upon purchase price.

Currently seeking to get licensed and become an RE agent with the goal of becoming an investor.

My goal is to buy and hold single and multi-family units as a form of "retirement".  

@Clyde StackhouseRenovation expenses prior to having the property "rent ready"should be capitalized and depreciated as an addition to basis.

(preferably transferred directly to you and hopefully not back to Tenant and then to you or worse not transferred at all)Would you be able to meet the current Tenant's prior to closing?

@Yvette Allen,  I reckon it largely depends on your long term goals, and your negotiating ability, as to whether it'd be a win-win at least as much for you as for your Buyer.