If they loan you 75% of the value of a property, they can foreclose on you and sell the property and recover most, if not all, of their money.If they loan you 100%, and subsequently foreclose, they will suffer a substantial loss.  

CORRECTION ON HEADING! 

You have to purchase it and then substantially improve it to qualify. 

(adding 2 floors complete re-purpose) The builder claims that the improvements will more than make up for the poor cash flow by improving the value of the property substantially.

Real estate has many paths so just make sure you're headed down the one that will take you where you want to go. 

I've had a loose shower head elbow (10 cents of teflon tape and a pair of pliers) Or it could be a tub/shower manifold with a leak which sometimes requires getting into a wall.

The price seems really good but it will require work so i want to make sure it will all be worth it in the end and im not valuing this property too high in my head. ( plan to pull off my first BRRRR) If i get an appraiser im scared the seller will suddenly think his asking price is too low lolWhat are my options?

Unfortunately, I gave her the security deposit.I'm glad she's gone, she seems like a bit of a head case.

@Adam Gollatz hit it right on the head. the most 'affordable'  or 'landlord friendly' markets are listed above.

But, I could get a substantial amount of cash out that could aid me in doubling my portfolio, albeit with worse returns given today's market.