Should I sell my home or partner with an investor on a BRRR

[Richard F Williams]

Greetings everyone. I am brand new to this world and my new knowledge is coming at a critical transition point in my life. I bought a house in North Ogden, Utah about three years ago. I owe around $290,000 and the house is valued somewhere around $450,000. Due to a partial loss of income I can no longer afford the payments. My original plan was to sell, take the profit and move to Wichita, KS. (I am a disabled Vet and live on my disability so I am not tied to a job here.) We want to live on a hobby farm out of town and were thinking of buying land at auction and building. I also want to rebuild my credit and start investing in properties as soon as possible. With what I know now, I believe the best option would be to do a BRRR (with the exception that the property already has an assumable mortgage in place) as the rental income would be excellent (I believe it would currently bring$2500/month and will only get better. My challenges are these:

1. Due to the aforementioned loss of income my credit score is in the "poor" region so I cannot get a lender to do a refi.

2. I don't have any available cash to cover moving, and starting over costs.

3. There are a few relatively minor repairs that need to be made to get top dollar for the house and I lack the funds to fix them.

I don't know what  percentage of partnership I should even be asking for, although I imagine it would depend partly on how much equity I take out at the beginning.

I would appreciate any thoughts you might have on my situation. Thank you all.