To finance a deal like this, you need hard money or private money, the home will not qualify for conventional financing due to its condition.

@Tyler Speelman as a real estate broker I would advise you to make the release of the high earnest money conditional upon your acceptance of an inspection, conditional approval from underwriting etc.

At the end of the day the biggest risk you face is losing your earnest money deposit when your offer gets accepted, but you shouldn't have to risk that because your lender is too lazy to look at the location, condition, ARV and proposed price for the deal

You can definitely use conventional financing as long as the deal and numbers support it.Most people buy cash with BRRRR due to the condition of the properties, time needed to close, etc.Another reason is to avoid 2 sets of closing costs on both the purchase and the refinance.

But you still have to get from 7th to at least 11th to be within the campus.So a lot of this would depend on the neighborhood, the number of rooms you can rent out, and the condition of the property.

If desired, you could even rebuild the home to a condition better and safer than the code requires, again without getting any permits. 

Pictures, condition catalog, tenant statements, repair notes, leases, and any relevant communication. 

Under the same condition you hire a RE lawyer and innocent or guilty your going to have a crying wife, a ruined year, and even possible health problems from the degree of injustice felt, plus the degree of insult from being a victim of this carefully engineered theft. 

What is the monthly rent amount, and what do you like most about the property in terms of condition, location, etc?

$10,500 receiving in rent.It has some low cost units as they are not in great condition and some are quite small.The location is great and has 17/18 rented long term at the moment meaning it will cashflow from day 1.It is poorly managed and still booked because it is a desirable area walking to nightlife restaurants highway and close to airport.