I do have a quality builder that could facilitate the build but not required for JV.Is this enough to bring to the table?

This one is Multi-family in Celebration Florida known as Astoria.

Moore: Thanks a ton for this input.

Purchase price: $550,000 Cash invested: $145,000 Sale price: $915,000 This was a home run for a long term (5 years) buy & hold investment property (I specialize in this area). - Initial investment of $145K (DP+closing)- It had one tenant for 5 years and 3 months (no turnover), and the tenant paid off the mortgage and expenses in those 5 years.- I spent around $30K to do upgrades before selling.- Sold it for $915K after 5.5 years (received $442K at the closing)- Did 1031 exchange and bought 8 SFH in NE & AL worth of 1.6M (brings $4k/months income now) What made you interested in investing in this type of deal?

I would save more prior to jumping in, even if it is a primary residence, this is because the rehab is always more than you calculated. 

Any advice on some additional improvements that could be done to potentially fix this problem without having to buy a new water heater?

When we invested this was a suburb to an IT hub that employed close to 20,000 people.

How did you finance this deal?

(NOT AN ATTORNEY) and this is not legal advice.

@Jose Mejia this is pretty simple to do.