How Can We Avoid Missing This Opportunity?

[Manny Maldonado]

Hey everyone!

First, a big thanks to The BiggerPockets Podcast for creating the content I’ve consumed daily as my wife and I are preparing to make the transition from renters to homeowners and, someday, real estate investors.

We live in West Palm Beach, and we want to househack for our first deal. We have $20k, 700 credit scores, make just over $100k combined, and our DTI is $1,200/$7,600 per month.

Our friend  (multiple business owner, ex-house-flipper, recently sold a business for 7 figures) is looking to invest in real estate with the sole purpose of CashFlow.

We’ve earned their trust over the past 5 years and the have made it clear to us that they want us to be a part of their endeavor. However, we clearly don’t have much to offer besides time, hustle, and potential sweat equity in their deal. 

Perhaps we are jumping the gun on this, but he haven’t sat down to discuss an exchange of values, and we want to bring something to the table in terms of a partnership or a deal when the time comes to have that conversation.

We found a new construction triplex in Pompano with bids starting at $329k in June, and we want to present this to our possible investor in a way that we could provide value, but we don’t know what to offer. The triplex consists of two units with 3/2 layouts and a third with a 4/3 layout. 4 parking spots in front, split amenities, electric, and water. Rents in the area (33060) for 3bedrooms is around $2.5k+/month. Is there a way we can offer to live in the property, take care of all maintenance and property management, and have our names on the title & mortgage? We might be wrong, be we think this is the perfect starting point for us. Thank you in advance for your brutally honest feedback and/or advice. 
P.S. We know there will be a bid war.