Do the numbers work?

[Grant Zabielski]

Looking at a property, and trying to get the numbers right to be able to purchase.  

Asking prick is $820k. It's been worked out that with $150k of renovation, ARV would be $1.2mil.

I'm told that there are some banks that will fund 75% based on the after repair ARV. 75% of 1.2mil is $900k. $900k minus $150k for repairs is $750k.

Does this mean if I can get the seller drop the purchase price down to $750k, I can essential get this property with no money in?  Or, is there a refi in this process?  Would I be putting in a significant down payment, and be paying for all the repairs, but I'd get all the money back after a refi?  

How does this process go if I go this route? Is this the best route to go?  Would you do something different?  

I've also seen a recommendation to have the seller hold a note for 25%, I'd get the 75% loan and pay the seller back over the next 20-25 years....   

Thoughts on all this?