Study what kind of properties sell, for how much, and what kind of tenants live there.Think with a 10year+ vision, but a decently sound property (not a 1900 single family conversion that is begging for a full gut rehab), and but in the RIGHT location. 

If you need more to do the rehab, perhaps instead of partnering, you could get your former boss to do a personal loan. 

How much is the rehab going to cost, what's the ARV going to be, and how much will the property rent for?

Also, is the property rentable as is or does it need a rehab loan.

Also, for value-add deals, how much rehab are you willing to take on?

Hello Everone .

I just bought a duplix for 281K in pensacola 2 months ago , Is it the norm to pay around $3200 on a policy ?
Thank you 

And that depends on how you view the costs. 

To qualify for a loan, focus on having a credit score of at least 620 (or 580 for FHA loans), keeping your total monthly debt under 43% of your income, and saving enough for a down payment and closing costs—about 5-10% of the home's price in total.

How much does it cost to buy down rate per %?

Suggesting to them buying their house for a wholesale range offer or lower dependent on the extent of the rehab, then having a contract in place that gives them a percentage of the profit to help get them back on their feet, paying off debts etc.