Based on what I know, I think this is a bad idea.2) Skip the grant money and just bolt and brace the existing exterior walls.

Because you are using the same payment on a smaller amount, the APR is always higher than the actual note rate on your loan.applicationThe form used to apply for a mortgage loan, containing information about a borrower's income, savings, assets, debts, and more.appraisalA written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.appraised valueAn opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.

The splits may vary based on each deal details.

@Kelsey Folger is the $200,000 anticipated selling price based on the home in its current condition or after being renovated?  

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@Frankie White this is not a good BRRR property.... the most a bank will finance, based on your ARV, is $168k, so you wont recoup any of your investment to "repeat".

The market prices are going to drop ( a sign is no income verification needed loans, 2007 all over again.)

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One thing I want to mention is that these books and podcasts serve for more than just a knowledge base, they give you the nerve to jump over that phycological fear barrier, which In my opinion keeps more people out of the game than lack of knowledge or skill.

However you should never base a buying decision on something as small as a 1 time 1 or 2  month excess of vacancy.