Paramedic/Realtor/Soon to be Investor from Lancaster PA!

[Tyler Deck]

First post, but I've listened to (literally) every episode of the podcast! I already love BP, and I have for a while! I work 3 days a week as a Paramedic, and I have 4 days a week then to start my new career as a Realtor with Keller Williams Elite in Lancaster and I'm working with my Dad to purchase our first rental property in the next month or so! I'm excited to join my local REIA group, and I'm having lunch with an investor friend of ours next week too. I'm looking to put in some sweaty equity on my first purchase. I just finished remodeling my kitchen and I learned a ton and I'm ready to begin working on an investment! Maybe I'll post this here... my father is willing to invest $20k, and I have about $5k to invest now after just finishing my kitchen. My plan is to purchase a SFR for around 30-60k (assuming all the numbers work, thank you BP!) and make sure it cash flows. My first question! So if dad is willing to go in for 20k and I have 5k, should we do conventional financing to purchase something and then refi out of that after repairs? Should we go the hard money route and then refi? My goal is to give my dad at least a 5% return, but in the end have the property be mine and cashflow. Thoughts?!? THANK YOU IN ADVANCE!