If you were to buy a similar home, the interest and property taxes alone may amount to that much, which, in my opinion, is a waste of money as well.

I would love to here from anyone who has done something similar to this, especially in the Phoenix Metro area, but even someone who has done this in another state, might be able to offer some insight.

I wanted to understand if anyone has used AI for more similar and more advanced real estate use cases.

I am putting them together because they are very similar.

And south of that street is going to be newer, larger homes, a tier up. 76542 is actually very similar to that general rule as well.  

Structuring the Deal with a PartnerWhile your partner cannot directly participate in the loan, there are ways to structure your arrangement to reflect your 50/50 partnership:Option 1: Post-Purchase Equity SaleYou obtain the 203(k) loan in your name as the owner-occupant.After closing, you sell your partner 50% equity in the property via a quitclaim deed or similar legal instrument.Your partnership agreement would outline each person’s roles, responsibilities, and share of profits.Note: Be mindful of FHA’s rules around title changes and ensure this doesn’t violate loan terms.Option 2: Partnership Contribution AgreementYou both contribute to the down payment and renovation costs as outlined in a partnership agreement.Your partner’s contribution could be recognized as a share of the equity in exchange for funding, services, or property management.The partnership agreement would detail how profits, responsibilities, and equity are split.Option 3: Joint Venture AgreementStructure the deal as a joint venture, where you own the property personally (required for the FHA loan), but profits and roles are split per a formal agreement.Your partner could receive equity-like compensation through profit-sharing without being on the title.3.

@Jason Tucker - your concept is very similar to one we just completed the financing for. 

I'm sure batchleads offers similar things but you can literally filter out everything to pinpoint exactly what you're looking for!

Not sure, but the way it was presented it seems like you were putting these two approaches in similar buckets. 

ALSO they have regs on rooming houses only allowed in specific zoning, similar zoning as for hotels;  only on main streets in business districts AND you have to apply for licensing and blabla as for a hotel..That said;  there is a small movement supporting rent by the room as a small step toward solving affordable housing.