What strategy would you take?

[Blake Hrabal]

Hey BP. 

Pretend this is you,

Your FICO credit score is 707.

Your earned income from your day job is salary 85k yr b4 taxes. 

Saving approx $1.2k per month.

You work a full time job, 7:30am-6pm, flexibility to take lunches whenever you want for however long you want within reason. Same thing goes for taking a morning or evening or work day off if need be. Sometimes work from home. 

You have a family member that wants to be a PML for you, not crazy money but they're willing to put up say 50k-80k, and if you do right by them, they'll put up more money as long as you're making them money. However, you've never borrowed money before and this PML has never been a lender so the structure and legalities are new to you. The potential PML is a construction guru that won't do the work for you, but you have on speed dial to consult on anything related to home building/remodeling if the issue is beyond your own 7 yr home construction knowledge.

You live in Colorado and the market is inflated. Average price for a 2b 1b 1000 sq ft is around $120k-$170k, any homes cheaper than that are typically modular/mobile homes in high crime/drug neighborhoods that'll depreciate and essentially take on problem tenants/neighbors. The idea of 2% rent to PP is fantasy as 200k homes rent for 1500.

You do not need a GC License in the areas of interest; home owners can pull permits and hire licensed subs.

You have no saved up money of your own.

You want to build a REI portfolio that will set you up to become 'financially free' , all while keeping your PML happy and growing too so you both can grow together. All while maintaining your day job.

Your goals: Long term wealth and passive income. Working on my business not IN my business because I already have a day job. Create consistently growing wealth for self and PML.

-----> How would you navigate your start up, and scale? Which strategy/approach would you take and why? BRRRR? Flip? Wholesale? Would you build a team or do it all on your own, maybe start on your own then build the team?