I would be on the phone right now, telling him about all my missing jewelry and high end stereo/electronics and computers, and cameras.all cash

That vintage of the 1920's I would be shocked that it only needs 50k to 100k of work.Are the rents once rehabbed 1,500 a unit or 500 a unit??

I walked through an open house that had Jewelry sitting out in the open.

(Watch out for faux deals.)If I were you I'd much rather play in the LA sandbox than rely on some turn key operator in fly over states.

Much of the interior looks to be '48 vintage, but in a good way, painted nicely and in good repair, solid jambs, base, and trim.  

To make it even cleaner, have them deed the collateral (car, other house, jewelry, etc) into your friend’s name (as long as you trust them) and let your friend give you the payments.

Between cash, vehicles, equity in properties, and collectibles/jewelry, I have a net worth of ~$500k.I know commercial lenders care about previous experience - I have been an owner/manager of my two rental properties for 5 years.I have perfect payment history over the last ten years, save for a foreclosure on my record from 2012 (I'll spare you the boohoo story - ultimately it was my responsibility). 

@Christian McGlade There is one in Forney called Vintage Meadows and one in Dallas called Shady Oaks.

Just to have one thing to inspire me was putting faux granite on the kitchen counters,  It turned out incredibly beautiful and costs less than $50. 

They can be cash or jewelry from a safe deposit box, stocks, dormant bank accounts, surplus funds from foreclosures (in NJ there is only unclaimed property/surplus funds from judicial-mortgage foreclosures NOT tax foreclosures).