In certain circumstances, cities with older housing supplies feel the need to do something to maintain the aesthetic quality and safety of these municipalities.

In that area the best you can hope for for a retail ready house, is about $75-$80 per square foot, so you're looking at about 50 grand under the most optimistic circumstances.

I've heard a lot of lenders will charge an extra fee to review the LLC docs, coupled with the expense of creating a unique LLC since my lender wants to see the asset they're financing as the only asset in the LLC, so there's a few extra expenses but I consider them worth it to know the bank has blessed the ownership structure.Deciding how to proceed in a BRRRR depends on your unique circumstances, I personally think there are two obstacles with using banks: 1. banks are slow and have strict requirements, so if I'm refinancing with a bank, I can't acquire any other properties because they don't want to see any changes to the DTI while they're underwriting.

I do not know any private nor hard money lenders in my area who would consider doing so under any circumstances.

Some options - Hard money, private money, bank financing, and seller financing.It all depends on their situation and circumstances.  

Perhaps paying the minimum on a credit card is a good idea under the right circumstances, loss of a job, raising money for a down payment, etc. 

@shaun Reilly is probably correct for trends in your state.When I make a loan I have them sign off verifying that the loan is for the purpose of fix and flip and under no circumstances will it be OO.

I will use some of my money for carrying cost, not in this circumstance, but in one where the deal makes sense. 

You are going to have deferred maintenance that the old owner neglected, and any and all rents will be beneficial. 

Circumstances change and earning power can change too.Also, consider their critical thinking skills and personality.