Whats the best way to approach this?

If you are looking for a rental, you approach it differently than a home for flipping. 

If I am taking the income approach to find the properties value (which I believe based off research is the most accurate way, unless told otherwise), I know I would take the gross income of the property and subtract the operating expenses.

Any thoughts or stories on how others have approached getting passive investors? 

His read was self-funding was always best (no surprise there) and he recommended approaching current owner about owner-financing as a Plan B.

I am currently investing in 3 rehab/flips (1 sitting on market in Butler-Tarkington, another approaching market in Watson-McCord and another in construction in Bripple).I’m reaching out to connect with more local investors to expand my network and share experiences/insights.Thanks - I look forward to hearing from you!

Do you still feel that that is the better approach to this? 

I'm just nervous about how to approach them about if you want new floor the rent will be x.

Regardless of the type of financing - owner occupied using an FHA loan or investment property using traditional financing - the appraiser will use the income approach as the primary valuation model.

This is a prudent and thoughtful approach.The other approach is to stay in the deal longer just to get paid more split.