Not sure if the bank will let you do it without any of your own money, but since your related it may be possible.

First I would put a lock box on the property so that you or your relatives do not have be letting people in for inspections/estimating.

Don't waste your relative's money until you're ready......Ask questions on this forum.Good luck!

If your relatively young and your roommates are good buddies I wouldn't worry about them moving out.  

It keeps things official and should your relatives ever want to sell the note they have a nice verifiable payment history.

In short, unless your relatives are industry professionals or experienced investors, I wouldn't set your expectations too high.

If you have and your relative have full time jobs, then you "should" be able to run 2-3 projects, that is if you get the right subs in place.

If you own a property or car free and clear you are able to have your relative write a note and you can get utilize the debt in that case. $50k is a lot to come up with so a car might not do it. 

Tell him that your relative needs to move in asap.

It all depends on the market, the location, the property, and your relative desire of responsibility to the property.