Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

If you start a JV in name but do not give your partners proper control and decision-making rights and the deal goes bad you open yourself up to serious consequences which can lead to SEC violations with extremely high fines.Lastly, you can offer the project up to investors who have no voting or control.  

I'd highly recommend Scott Kind, CPA - 518.461.1699.

He is a BP member and comes highly recommended by many here.

I wanted to share my situation and get some advice.I currently own an apartment in a highly developing area in Guaynabo, PR.

Our goal is to keep your maintenance costs low to keep your return on investment high. 

This is highly lender-specific; there are no universal guidelines for DSCR loans like there are for GSE/Govvy loans.

Simple touches like fresh paint, landscaping, and clean walkways can make a big difference.Highlight Key Features: During the appraisal, point out any high-quality materials or unique features you've added.

Prices, generally, are too high.  

Rates are usually in the high 8s or low 9s, and you are likely going to pay 3-4 points for these loans.