You may be able to deduct interest paid on the loan but to make this determination, please consult a qualified income tax specialist. 

Like @Carlos Valencia mentioned, its good to consult with your lender to see what else is needed prior to reaching clear to close or CTC on your file.

Consider the potential for increased property value and rental income against the additional management responsibilities and possible tax implications.Remember to consult with local authorities and possibly a real estate attorney to ensure full compliance with all regulations in your specific area.Let me know if you need funding for the rehab.Regards,Jackson

As rental rates progressively outpace expenses over time, the growth in cash flow can provide a reliable income stream.In line with my investment approach, I focus on these three key metrics when conducting property analyses:Initial Equity at the End of Year One:This equity can result from either a down payment or improvements made during a rehab phase.

You’re on the right track, but make sure to consult with your CPA to confirm your plan aligns with your situation.

Consult a Realtor, contractor, property manager, or lender, and then request referrals for the remaining three.

However, consider:Long-term market projectionsYour personal financial goalsTax implications of holding vs. selling (consult a local tax advisor)Partnership Structure:Clear, written agreement detailing responsibilities, profit sharing, dispute resolutionRegular financial reporting and meetingsExit strategy for both partiesConsider forming a legal entity for the partnershipFull Bank Financing: If the bank would finance the entire project including renovations, this could potentially be more advantageous.

We've been doing land development and entitlement for a little over 20 years, initially as a consultant (civil engineer & owner representative), and I have to agree there is a significant risk to land entitlement. 

Use a reliable customer relationship management (CRM) system to manage and organize your investor data.

I don't know anyone as a consultant personally, but an outstanding resource is PM Build with Marc Cunningham.