@Ethan Massen Outlined what I anticipated the process to be and what I am aware of. 

Granted you don't have any capx, vacancy or repairs within it. 

some lenders ask you to put some capital in reserve account while some investors do that anyway, by alocating 7%-15% of gross rent towards Repairs and Miantanance. 

It had foundation problems, fire damage (completely gutted), bad neighborhood, needed to many repairs, etc...

This can include- oil changes, Maintenance, gas, repairs, parking, tolls, and depreciation.

I anticipate a good appraisal based on comps in the area, so i would be in a position where i could get back all the money i have invested in the property + some.

Are there any major repairs that need to be done that you can think of?

@Meera Lakhavani ask your lender how sure he is the loan will close, ask your real estate broker how sure she is of the after repair value and appraised AS-IS value and ask your contractor if the 185K includes all the upgrades, finishes, etc that you have in mind.

The house is in bad shape, needing around 35-45k in repairs. 

While that might sound great it can be a nightmare if more than just a few investors in a TIC.Tons of those failed during the last downturn because when the property needed repairs, refinance, or considering a sale there was lot's of infighting and opinions of what to do.