@Justin Brin I do have a trusted, competent successful arbitrage operator for my out of state rental and it has been great for several years.

Relationship-Based: With private lenders, it’s more about building trust and a relationship over time.

You could also possibly partner with a relative who knows / trusts you to make up for any shortcomings you may have.After that, presuming you have good credit, you can go to a mortgage broker and they will evaluate your credit and financial "worthiness" against their requirements for their lenders to lend to you.  

If local and you have trusted crews and YOU know what the reno should cost, then of course reno.

I would never trust a GP who took out a loan for their portion, and I think it would be hard to find an LP who would like it. 

Many property owners in this financial situation do not know who to trust since they're being told different things by attorneys, the bank, investors, and Realtors.

If you are a first time BRRR investor I suggest you outsource to trusted professionals and temper your expectations of infinite returns.  

@Aaron Buehler, I wouldn't trust the websites blindly, they are inconsistent at best.

Trust youir feelings.

To much money left over-  so you set up your trust and have money designated for donations, have your lifestyle covered, no kids, no spouse.