Loan $300k purchase price and $60k rehab which they offered 100% funding for in return for $18,730 which was 4 points down, $995 legal fee, and $2,995 processing fee according to their term sheet.

I have the second address and spot meter report completed and having plans drawn up.  

I'm about ready to retire so I'm not looking to compete in a bidding war, mainly looking for a fair deal that I can rehab or a turnkey with some cash flow. 

Purchase price: $272,000 Cash invested: $115,000 Sale price: $475,000 This was our first rehab project What made you interested in investing in this type of deal?

They rehabbed the house and sold it to me as an investor.

@Trent Gulino - we can do a cash-out/Refi as soon as the rehab is complete and the property is "tenant ready".

Some of our owners like to buy value add properties and it is up to us to raise rents, rehab properties, and make it a stable asset.

No, just inform them you are the new owner (they may want proof) and provide them with the address to send payments. 

Renovation costs would need to be financed separately.Private Lending or Hard Money: Use a private or hard money loan to acquire and rehab the property, then refinance into a joint long-term loan.Seller Financing: Negotiate terms directly with the seller for a flexible financing arrangement.Final ThoughtsUsing an FHA 203(k) loan for your first property is a smart move, and with the right partnership agreement, you can still achieve your 50/50 goals.

Does it require any additional rehab costs?