He knows local investors to bring me bids now that property is cleaned out and cleaned up.

Partnerships are gold too; I’ve seen deals where one person brings the money, the other handles the work, and they split the profits.Company hacking is a bit more advanced—getting added to an LLC that owns the property, improving it, then refinancing to pay the seller out—but it can be powerful if you and the seller trust each other.

I always advise my investors to bring a contractor with them so they can receive accurate numbers for rehab.

I did have experience operating LTR's to bring to the table, but even if you don't, it's not that much more complex.

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

The other property is a cottage built in the mid 70s and requires significant electrical/plumbing work to bring up to code.

Hey Joanne, you’re definitely onto something with room rentals.. it can be an excellent strategy for offsetting a hefty mortgage and, in some cases, bringing in higher total rent than a single lease.

Bringing in a partner, second mortgages, line of credit are sources of additional funding to close. 

We bring/offer the mortgage loan investment to the group & handle all the servicing, including chasing the monthly payment/insurance/taxes, foreclosure, etc.

It's not bringing her up.