I think the most I could possibly get monthly out of the property is 1000 based off of rentometer, zillow, and BP.

Call every local investor agenda (look at the agents that have investment property listings and call them) and call every local landlord that owns multiple properties (you can get lists off of Deal Machine).

Even then, you're better off with a Canadian mentor focused on buying in he US.

May just be a one off experience but that was mine.  

It may have looked good in photos, but something would have felt off! 

Quote from @Ryan Blackstone: Hey, there is a lot of confusion around this, and first off I am not an attorney.

Essentially though you need to go off-market.

Some banks and lenders will cut you off at 6-7 even if your DTI is below the normal percentage.

If I put myself in the shoes of the outside partner/investor friend, I would be very concerned because: 1) unclear and/or potentially conflicting business plan, 2) even with clarity in the BRRRR business plan, unclear in the viability of pulling it off with these market conditions, 3) the chances of dispute seems very high, especially if you're going to live in. 4 years ago, I went through a  similar thought process when purchasing an investing property with mainly my family money, while considering an outside investor to rehab for higher STR ROI... 

Hi Steven,It sounds like you and your wife, Renee, have a wealth of experience in the real estate and construction fields, which is a great foundation for starting your real estate investing business.Given your background in residential remodeling and home inspections, and Renee's experience as a real estate agent, you're off to a strong start.