@Maegan King If they have a daughter named Carol Anne, tell them to tell her to "run to the light"

There is the "delayed financing" option but the issue you will run into is that if you did not season the funds from the personal loan into your account for at least 2 months, the loan will preclude you from the exception and you more than likely will need to wait for the full 12 months to season the ownership to be able to use existing value rather than purchase price. 

By the time the realtors and uncle Sam leave your closing table, you'll wish you'd kept over the long run is my guess.

At a list price of $105k and $40k of renovations, you'd be all in at $145k plus (let's say) $6,000 in closing costs and lender fees for a run-of-the-mill title and lending company. 

Reasons why:- modeling monthly returns is a major PITA i.e. high level of technical competence required- inter-year volatility including cash shortfalls is masked with annual only returns- in a live deal, you will always run into issues with reporting i.e. how do you compare forecast #s with actual #s. 

You also need to look at the condo docs to see what restrictions you run into.How are you finding your leads and where are you looking?

My girlfriend and I have stable jobs with the government and we max out our retirement accounts (TSP, Roth IRA, HSA), and we’re now looking for ways to deploy our extra, after-tax savings.

I am happy for the contract to run for as long as the Tenant Buyer wants before they refinance out.

Can you point me to any run down or abandoned properties you would love to see renovated and occupied?

Do look at them for your reference but don't run your numbers based on it.