I can put up the entire amount but would rather take a smaller slice and a family friend is more than willing to put up the other $300,000.

Foreclosure process has not yet begunSo what I am working through are the following options (please chime in with additional ones if you have them :) )- Whole sale it to an investor (we do a lot of business with) who we will then have us list the property once he repairs and we will receive a reduced commission on the sale of property on top of the healthy spread on acquisition(no money in but will be a smaller slice of the pie of course)- Take over 1st mortgage, pay off second lien position 25k (ARM), buy owner out and help them move out and find a rental (would try to keep them there just cannot pay more than 2k per month so cash flow 147/m). 

so I can see when your buying a tape.. you do the same.. either sell it to the next guy for a profit or slice and dice them and liquidate to get the highest returns..  

Don't get stuck on slicing and dicing %s especially in the beginning. 

You're doing all the work a flipper does, but taking a small slice of cash flow rather than liquidating that equity position. 

With that said, I think the concept that a VA loan is the greatest thing since sliced bread is over stated.

@Paul SandhuI got paid in slices of homemade wedding cake baked in my AirBnB in exchange for a late checkout.

@Michael Hayes It's not so much the percentage of money you have into this Cape Cod house, it's that the Cape Cod house is a poor investment whichever way you slice it (at least, from what I understand of your numbers).  

It is still wholesaling no matter how you slice it.

There are a few ways to slice this, but the beauty is you have VA financing to take advantage of which gets you well ahead of the game!