They might suggest transferring the title to an LLC after you complete the purchase.

We recently completed a study on MTRs, which revealed that MTRs are likely to generate more than $1/SF above long-term rentals.

Completely changed our wholesale and rehab business.  

How much of the $650k do you have to borrow them to complete the build?

The one you can scale.I know successful business owners in the fitness industry, tanning salons, real estate, window coverings, maintenance, billboard, ATMs, etc.Generally, I would be skeptical of jumping into a business based on YouTube videos hosted by and featuring people that are likely primarily trying to sell you their respective courses.Small businesses can indeed be great investments, but they are hard.  

I run sum numbers for you please see comments below before refinancing and post refinancing .If I were in your position, I would approach it as follows:Initial Investment Assumptions: Market Value: $360,000 Purchase Price: $360,000 Equity: $0,000Financial Breakdown: Hard Money Loan (LTV 100%): $360,000 Interest Rate: 10% (30-Year Amortization) Monthly Payment: $1,995Upfront Costs: Origination fee (1%): $3,600 Closing Costs (3%): $10,800 Renovation Costs: $10,000 2 Month of Carrying Costs During Renovation: $5,390Total Upfront Required: $29,790Total Capital InvestmentPurchased price $360,000 Upfront Costs $29,790Total: $389,790To make this investment work, you need to rent the whole property for at least $3,165/month, refinance it let say after one year with 5% interest with a traditional mortgage.Year One Rent: Monthly Rent Income: $3,165 Monthly Rent Losses during renovations (2 Months): -$6,330 (-$527/month distributed over 12 months) Total Rent Income: $31,650 per year => $ 2,638 per monthMonthly Expenses: Hard Money Loan Payment (10% Interest): $1,995 / per month interest only Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $292 per month Assuming 0% Vacancy first year Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $2,637Monthly Net Cash Flow: $1Post-Renovation Refinancing Strategy:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate your initial investment of $29,790 plus your 360k debt into a mortgage.

@Gabe Goudreau We're investors in Indy and have completed a few BRRRRs on the east side.

Or are they moving out when the cleaning is complete?

I recently completed a major renovation on my property financed through a Fannie Mae HomeStyle Renovation loan, and I'm now looking into options for removing Private Mortgage Insurance (PMI).

There are neighborhoods across the US where you can take these vintage properties, undertake complete renovations with all new mechanicals, roof etc. and come away with a properties  that costs far less than building the identical building with todays costs.