hi karl. sounds like you actually have a good start here in this business. bill is partly right. of all the answers here, i think he has some good advice. that being said, you need the think outside of the box here. you said you will have $80k into the place if you fix it up to basic standards, and it would be worth $150k. ok, those numbers are great. but here is an idea you don't seem to be considering. you own the house free and clear. no mortgage to anyone. you and your buddy want cash out of the deal. then your only option right now that really makes sense is to finish the place to basic standards, go refinance the place for what the bank will lend you, split that money and then rent the place out to make the payments. you get the benefit of getting all your money back, plus a few buck on the side i would bet, and when you rent it out, the tenant is making your payments. whats wrong with that idea???

Buddy Huffman is my recommendation.

My buddy and I are about ready to pull the trigger on our first, will get financing obviously.

you can also tell the next buyer, it just appraised for "X" but I need "Y" above the appraisal.my buddy did this. he did a flip; fha so 2 appraisals required if sold within 6 months. 1st appraisal at $140k; 2nd at $130k. they take the lower of the 2.he put it back on the market and had 2 offers right away; 1 pay $2500 over the appraisal and the other $5k over the appraisal so it can happen.

@Travis BenhamWelcome buddy!

Without experience and income to back up the loan if the flip doesn't work out well you guys aren't going to be able to get a loan.Don't be in hurry to jump in with your buddies if you guys don't have your ducks in a row.

I don't strive to be buddies with all of my residents, but without the rewards of quality relationships I would have quit being a LL a long time ago.

What kind of GF and other buddies coming over can you expect?

Call and tell them your buddy is getting a way better rate than the exorbitant amount they asked you for online.

I've partnered up with a buddy of mine who is liked minded and we are focusing our energy on flipping preferably 3/2 single family homes under 150K.