Newbie trying to make a deal and recieve cash out for needed repairs ??

I am trying to create a deal that will give me $30k-$40k possible cash minus expenses. :shocked:
The owner only wants $205k for the property, but it is in need of repair. So this is an as-is transaction. The property is a 2-unit brick bldg. with an estimated appraised value of $265k.
It is in need of a new roof (possible sub structure repairs after the top layer of roofing is removed). It also needs tuck-pointing and all the hardwood floors needs to be refinished. The plumbing needs to be updated, and the rear porch needs to be replaced. Most of the other repairs are cosmetic.
The repair estimate is $20k-$25k.

How can I structure this deal so that I can recieve the needed cash out ???

The numbers look too thin just off top of my head. You will have $230,000 invested and this is not the total nmind you. You will have financing costs which if with a hard money lender (HML) will be 6 to 10 % of the loan amount. Plus other closing costs. My HML also charges $1000 to do all inspections and $500 for all the closing documents plus they need title insurance. Then there will be holding costs of 12 to 15% interest which will be $2 grand a month. Figure at least 6 months and that is another 12 grand. Then there are closing costs to sell which may reach 6 to 10% more. To do a major rehab you need to buy property wholesale at 60 to 75 % of rehabbed value. If $265,000 is as is value you may be Ok. I do not want to be negative but I would hate to see you loose on such a big investment. I do not know your location either. In a slow market like here in Austin things may be even bleeker. Please let me know if I have missed the boat here. I would like to help any way I can.

Happy Holidays and Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile