It seems that a lease purchase with stipulations to make the buyer responsible for repairs would be more advantageous than renting because the property owner wouldn’t be responsible for any repairs, they get a bigger up front payment from the sale of the option (which will help with vacancies) and if the buyer exercises the option at the end that’s a win too.

I am guessing the final sale price will land somewhere in the $225-250K range based on similar appraisal, including my home in the same area code.

Then, acquire a RE sales contract form that's valid in the jurisdiction where the property is located.

Purchase price: $177,000 Cash invested: $20,000 Sale price: $325,000 My first real investment.

Maybe I can get a carve-out that lets me repay assets individually upon sale. 

@Evelyn Tilman are you talking about a JV with the seller...your (or private) capital pays for and completes the reno, you list as the agent, and split final proceeds from the sale?

The Garn St Germain Act will protect you against a due on sale clause.Then later do an assignment to your LLC.

If there's no sale listed, that means that they bought before the mid 80's and you'll probably not find any sale on the computer in the court house.

It has a shady sale history; there are taxes and utility bills due on the property.I would pass, imho.

If you have any leads on properties for sale or are looking for another investor to partner with, please send me a message.