I’d put it under contract and assume a certain amount of money to repair.

I'm averaging at least 1 call per week to make minor repairs (admittedly these are things that need to be repaired).

I purchased a second rental property in 2017 and it was not in service for about 4 months while repairs were done.

I believe this model has saved me tens of thousands of dollars in repairs from disgruntled tenants, and also has saved me so much money in turn over costs.

A recommendation would be to start setting some money aside now to build up your repairs/CapEx fund and then whatever extra you get from the rent, put it away for future repairs. 

THE QUESTIONS:Should Johnny get a hard money loan to purchase the home and make repairs, then re-fi 6months later to access the equity and invest?

If I was to put an offer in I was thinking about offering them half of the asking price because it needs roughly $30000 in repairs and updates to make it competitive (based on many other places being modernized). 

Right now the only way I can see positive cash flow is by lowering the purchase price by almost $20k, which is plausible considering there are a few repairs that we can request. 

Landlord shall not have any obligation to repair or replace the furnishings.

As far as I'm aware sellers have no obligation to warranty the condition of the home after a sale so long as they disclosed known defects.On the upside, it doesn't sound like that extensive of a repair and likely one that wouldn't be worth filing an insurance claim for anyways.