Starting with a turnkey cash flow rental is what I recommend for newbies!

Quote from @Isadore Nelson: Cash-for-keys, unless you're offering heavy sums does not happen in one afternoon. 

The reason I ask is because most deals I see on Crexi or Loopnet or anywhere else create negative cash flow under 7 or even 10 year terms with 7% - 8% interest rate.

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

Purchase price: $560,000 Cash invested: $60,000 I thank the dog next door for leading to this purchase.

Whether you spend time networking, reading books, watching videos or connecting on bigger pockets or if you spend cash hiring a mentor, maybe partnering up with or doing free intern work for a real estate investor; whichever route you decide to go investing in yourself is one of the best investments you can make. 

While at the same time taking a chunk of cash.  

I suggest 6 months of expenses to keep in cash.

Properties like the Michigan complex offer a unique entry point, combining cash flow and significant upside potential.Immediate Cash FlowThis particular property is projected to deliver 6% annual cash flow from day one, already exceeding the yield of Treasuries.Value-Add RenovationsThe property includes hundreds of units that can be upgraded to Class A finishes, justifying rent increases.

What you’re suggesting is not cash flow, it’s return of principle, giving her her own money back  If she sells with your deal.