The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if you partner looses money. 

The stone elevation can be expensive but will really move a house quickly with the added curb appeal.Some things I like to add for not much extra cost..

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

What if the person staying at your place signed a contract but their 1st payment check bounced.

We have 2 San Antonio sub2 deals that are turn key homes and only require about $20-25k to close (assignment fee + closing costs).They're a great option!

Sounds he’s not interested in going through the rent up stage and being an operator.

Now I gotta get linked up with a good contractor and see what they have to say. 

@Tiffani HollisFor a long-term rental, I’d avoid used dishwashers entirely—repair costs and reliability issues often outweigh the savings.

Inherently the steps are the same as if you were purchasing with financing save potentially less closing costs and ability to close sooner (if needed).The terms of your offer (ie -contingencies, closing cost splits etc) will determine what is different. 

I assume the prices have changed in 2 years, is there any number how much they have gone up?