We need the cash to mostly just tie us over untill we sell the property, so 150,000 is on the upper end; 80,000 and above would probably be sufficient. 

I purchased both as a package and for the next six years enjoyed great cash flow as I paid the tax on the house lot annually at about half of what it should have been and neglected to pay anything on the tennis court lot.  

If the permanent financing will allow you to recover most of your initial investment and the fair market rent covers the principal, interest taxes, and insurance with cash left over, you have a BRRRR.

The fix/flip might be a good way to get such a relationship started: usually has lower cash out of pocket requirements and you can sell the property faster to recoup the capital invested, plus any profits.

Make sure to analyze cash flow, including conservative estimates for vacancy and maintenance.Indianapolis Market: Indy has solid multifamily options in neighborhoods like Irvington, Fountain Square, and near downtown.

I assume you would have to pay cash, because you have to spend all cash received to avoid taxes.

Those remote flips and high cash flow rentals are so tempting on paper, but they rarely go well in reality. 

Purchase price: $220,000 Cash invested: $30,000Currently house hacking.

While your partner accepts more of the cash from the sale of the FFE and the associated tax bill.This might take some accountant massaging. 

This negative position can consume years of cash flow to recover.