If rehabbed the projected ARV is 145k.I haven't done this before, so I am wondering if I should pursue traditional seller financing where the deed will be transferred in the buyer's name or do a land contract where the deed stays in my name until they pay off the Note?

If I did the refi I would need to use some of the cash to pay the mortgage off slowly, which in my mind seems like a bad choice? 

Purchase price: $55,000 Cash invested: $43,000 Traditional buy and hold that I scooped up back when you could buy a house in Fort Worth for $55k.

Purchase price: $55,000 Cash invested: $43,000 Traditional buy and hold that I scooped up back when you could buy a house in Fort Worth for $55k.

Cash for keys works pretty well too and may be your easiest choice of action.

It's nice that you offered to help, but it shows they don't want to move-- it's their choice, and actions have reactions -- eviction.   

It's a personal choice, but I'd do the same thing if I was in your shoes.Another option to consider is doing a cash-out refinance, keep it as a rental, and use those proceeds to BRRRR with.

I'm curious how others get past this hurdle considering many RE investors don't have traditional W2 jobs.

Just to be clear, the play here is to purchase a fixer upper for say $100k cash, put $20k into it, have it appraise for $150k, and then take out a traditional 80/20% loan. 

@Krista Burke Welcome to the real estate world; where there are choices to see what best suits your time and money.