My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

No other money has ever gone into it, and none has ever been taken out of it.

Using money from an appreciating asset just to pay your landlord doesn't seem like a good flow of money.

@Richard Schubert If the house next door is a solid enough deal you could always raise the money from people in your network to tie it up.

I am just beginning my journey as a wholesaler with zero money and zero knowledge.

A good condo board should be saving money for larger projects as they are known in advance (eg every 25 years you need a new roof). 

From working with an S8 specific contractor the sentiment was that many people don't want to work on distressed properties, as they can work in nicer areas and charge more money.

This was my seed money to start my business.Aug 2021 - My first rental property was a side by side town house that required me to put down $55K and generated $950 per month in cashflow. 

My plan is to take the next six months to try and learn as much as possible about multifamily real estate, while also saving up money to be able to start a career in brokerage.

He's an educator and does make money selling education, but like most of the others doing this, he began by doing deals.