As the legally required small print in the offering of financial products reads: "Past performance is no guarantee of future performance".

What kind of funding can I acquire to develop this property?

Personally for our company, since we entered the 1st lien space a few years ago, product availability with 2nd liens isn't a huge issue.

You can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional or 3.5% FHA with a few exceptions.

The Bissell products are at the top of my favorites. 

Definitely there is a lot of opportunity for him to learn a lot from this property if he is receptive to acquiring the knowledge.  

I've not invested with 5S so I can't comment on their product and management specifically but I can say for build to rent, if you’re considering this, ask yourself: Does this fit your investment strategy and comfort level?

Now that that’s done I am looking into use the rest of the funds at a foreclosure auction to acquire my first investment property.

Thanks River, I'm acquiring using creative finance, but i plan to remodel a bit, then keep this as a LTR

The down payment to acquire this sub to is $25,000. so you give them $25k, you take over a $70k mortgage and they are going to pay $165k in a few years - if you will not do this deal send it to me I will do it.