New Investor Deal/Partnership Advice

[Courtney Avery]

Hello BP, I am new to the bigger pockets community and I have been learning a ton. I am new to real estate investing with goal of finding my first deal this year. I need some advice on a specific scenario. Here is the background: -While driving for dollars I came across a vacant house on a nice street and within a good neighborhood. -I searched and found the owner's address and sent him a letter to ask if he would consider selling. -He called me and said YES and asked for my offer. Property info: -He bought house 2 years ago for about $20k from bank as part of a package deal along with 15 other properties. He fixes up houses himself (contractor) -He says property needs $40k in work and county appraisal is $140k. This property needed the most work out of the package so he was holding off on fixing it up. But at a high level it appears to be a good deal. He is willing to partner with me as I told him I am an investor looking to get my first property this year. He is open to seller financing and also he is open to partnering and doing the work on the house. My situation/strategy: I have $10k-$15k to spend (clearly not enough to pay cash for the property or all of the repairs) I would like to find a way to partner with him, fix up the property, refinance to pull money out of the house, rent it out or flip. Use money to put toward next property. Any ideas on how I can add value to deal or best scenarios for me in this deal? I have a call with him and I want to bring an idea to the table. Thanks!