I would recommend talking to many lenders/brokers to see which one has the most experience funding these loan types. 

K1s show your share of income or losses from the partnership, and you include it on your respective personal tax returns.Now, to your partners.

Yes, it is possible to put lipstick on a pig, but in my 15+ years of experience providing property management, the best way to make the asset profitable over the long run is to do the repairs the right way from the start.

Does anyone have experience buying properties for cheap from land banks, renovating them, and renting them out/selling them?

You can't really predict for a creative business mind and how they might craft a guest experience that stands out in their market. 

I have looked on the Arizona real estate website and all I could find was the addendum, I would really appreciate if someone here already has that contract and is willing to share it with me that would be great.

None I could say with confidence without knowing more details on the borrowers experience, property type, city, and project numbers (PP, Rehab, ARV).

I feel like I’m missing the bigger picture of what makes a property a great investment opportunity.If anyone could share some pointers or insights on how to identify a “good deal,” I’d really appreciate it!

We have been self-managing another rental out of state and so far, it has been a good experience. 

What was your experience like?