I will add that when weighing the cash purchase + refinance later strategy against simply purchasing with financing, another thing you want to keep in mind is that you will be paying some closing costs twice (e.g., title company / attorney fee, recording fees, etc)  I have done this once and am thinking of doing it again, since a cash offer is more competitive and the numbers still seem to work with the homes I’m considering (I’ve estimated that the extra cost in my case is ~$1200, which doesn’t kill the deal)

ETA never mind - i see your rental is in North Carolina.....

I've finished my first solo live-in flip (Mindy Jensen style) and have the option to take on a much larger project, my parent's partially renovated home.

Now, the issue came up again.keep in mind, I am not greedy.

You all confirmed what I had in mind. I

I think what you have in mind is more of a private loan, instead of a syndication.

I do not know the actual value of the home or how much he is going to sell me it for, but the first thing that comes to mind is to do the BRRRR method especially since its a fixer upper (nothing super crazy), using Hard money.

@Mindy Jensen would be the one to talk to about those. 

With this is mind, I want to make sure I understand the total wealth building strategy of this one time play.

Like @Mindy Jensen said, dont overlook the costs associated with keeping and maintaing a license.