In this case I used the Realtor as a middleman because the interaction between the seller and I was not the best way to go about negotiating interest rates, terms, and the seller building confidence in me to make the payment and not have to worry about me foreclosing on the property.

Ideally we'd like the investor to get his money back + interest in 3-6 months and be able to leverage any tax breaks from the depreciation and repair (not improvements) BUT we don't want him to have his name on the deed or anything.  

Make sure you're improving your financial position now though. 

As you keep reading on here, listening to the podcasts, and networking with local investors you'll have more confidence to not be scared of hard money :-)

For example, if it increases cash flow enough to pay for itself over 5 years, and the market CAP is 10%, it will, by definition, increase the value of the property (from a strictly income approach appraisal perspective) by double the cost of the improvement.

My wife and I are on the same page and really want to take our time finding a deal that works in a location that improves my commute and can pull decent rent for the one unit while we live in the other and both once we move on.We have about $15-20k liquid right now which I know isn't nearly enough.  

My real estate career has giving me the knowledge, confidence and the monies to do this. 

Shanaa,How do you compare you confidence and competent level approaching things that is new.That's where you begin once you find the real answer your on your way to mastering your real estate investment goals.No doubt you'll do find!!

No way to get to legal code,,,too narrow,,, too short on headroom...Aim was to make "better" and it has,,,greatly.Been wanting to do this bucket list improvement for 35 years,,,finally had the brainstorm to design and DO it!!!

@Shana Miller - Welcome to BP, you are on you way to conquering your REI fears.After becoming more knowledgeable and confident because of your immersion on this site, take action to snag your first real estate investment deal.Don't get caught up in analysis paralysis.You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.Take calculated risks if needed and you shall be rewarded!"