So you'll need to bring your own money to do that.

My recommendation would be to bring on a consultant to do this for you and you manage them.

That makes me feel suspicious and my decision is to go to another one. 

For example if one partner brings the 20% down payment and the other will do the labor for renovations then what would be a reasonable split be.

You could bring less down and possibly have a lower interest rate since you will be living there.

You don't mention if that's the case, but I thought I'd bring it up.You also won't be able to recognize any loss on the sale if that's the case.

It is also for that very reason that you should be wary about going in as I do feel that the Pittsburgh has gone pretty high up in it's property values. 

The only other option would be to get a coborrower to bring the down payment or get seller financing with a lower down payment. 

I recently came across 1 acre asking for 314k in a very good residential and growing location, so the current owner has added 4 manufactured homes with 4 electrical meters, 4 septic tanks and only 1 water meter for all 4 homes, the homes are sitting on partial slab and partial pier & beam, he also added 2 storage sheds approx. 380sqft with the intention to make them ADUs they are still only the shell so I would have to get those ready to live in, so currently the 4 manufactured homes are being rented and bringing in 2800k a month, 3 of the homes are needing some TLC which could increment rents and possibly get me at 3600k a month, also being a 1ac lot this still leaves about 12,000sqft of raw land where you could build etc.So that is on the good side now the things I did not like so much, the lay out is poorly executed to where it makes it looked crammed up and not professional but it could be fixed.Another is that in reality there is only 4 livable units so that qualifies under a conventional loan but since they're are 6 units on the property the banks are wanting to take it as a commercial so we would have to move out the 2 storage sheds out in order to close as conventional.Another concern, technically you are only allowed to have one manufactured house or single wide in your property according to what I know but I know it could change according to zoning which I will investigate, so my question is has all this been accounted for and if so how can I verify it so it wont leave me in a bind further down the road, I currently asked my agent for the appraisal of the property to see if that might verify.Any recommendations?

A traditional single-family rental may net you only $280/month, whereas a co-living setup can bring in over $1,100/month from the same property.4.