Newbie in Arizona- Rehab

[Dallin Sims]

Hey all,

I'm a new member to the BP community. I was hired as a property manager for a good friend in October 2018 with absolutely no knowledge of real estate or even maintenance work. After about two months of constant real estate talk from my buddy, I've finally caught the fire. I've loved being a part of the rehab process and filling four of the 9 units I manage over these couple of months. My sister and brother-in-law recently completed their first flip in MO and knowing my new job, my sister told me to check out BP. I've been hooked on the podcasts, I think I'm close to #50 now so only 250 more to go... I've read "Rich Dad, Poor Dad" obviously and I'm about to finish "Flip Your Future" by Ryan Pineda from one of my favorite podcast episodes. I live in rural AZ- Safford to be precise so there aren't many options here, but my sister and I have looked and found a couple of options that we're looking into. 

I had my first realtor meeting two weeks ago and we checked out a couple of properties, including long-term rentals and rehabs. We came across a rehab that seems to add up and I wanted to throw some numbers out here and see what kind of lending would be appropriate to look at, along with any other advice that you may want to share.

3 bdr 2.5 bath 1800 sqft

Cost: $70k

Rehab: $30-35k

ARV: $160k (This is coming from the realtor using the p/sq ft method which I've read that it may not be entirely accurate, but I'm ok with using it for right now since it may be in the lower range compared to homes that have sold around it)

Profit: ~$30k if we hold for 6 months

My sister and I can afford a 25% down payment, but that's where our finances end. I've been reading up on portfolio loans, temporary/renovation loans, and obviously hard money loans. There are some hard money lenders here and they all offer about the same package- 15% and 6 months. This wouldn't leave a ton of profit for both of us, but I see it's value if we were to do more flips, but since this is our first I'm not sure how many we will do this year. Or I've seen people market their deals on BP looking for private lenders, but again since this would be my first deal, I don't see people lining up to give me their money. I'm also not sure if we should use our money for the down payment or if there are good reasons to go ahead and try to get 100% financed. 

I also have a single family home that adds up for a quick rehab and rent, but I don't want to write an entire novel for post #1 so maybe that will come later. 

I appreciate your time and any advice you have for a beginner. I can't wait to finally get past my paralysis by analysis.