@Gregg McCarthy Your loan to cost ratio is 40% which is low. I'd get a HML lender to lend 80% loan to cost. Then you only need to invest $40k and potentially leave half of that in the deal.
The post-refi cash flow is a bit tight so get a good handle on the rehab costs and post-refi operating expenses. If you're doing a full gut rehab, your operating expenses post-refi should be low.
Thank you @Obi I, we made a very low offer of 75K. With the full gut, it's the only way this could be a good deal.