Regarding your other questions:  - If the going value is $260/SF, why would you pay more than that?  

Somebody somewhere had to pay for that real estate at some point and has continued to pay for it since.

Trans union missed an obvious reject candidate and now I’m paying the price.

I know what it’s like to be in your position, and I believe in paying it forward.

Also, if you are a minority, WRA has the Partnership for Success program, which helps pay for your start up costs.

All you're doing is paying for that NCF upfront. 

. - If you just personally paid for the renovations then the interest won't be deductible because "paying yourself back" doesn't qualify. 

So that with paying my investor 6.3%, they will get a passive income of $2,532 every month ($30,384 every year).

I have cheap guys who do it 1/2 to 1/3 what you pay if call someone off Yelp.

If so, they can sell within 2 years and not pay capital gains taxes on the sell of the home.They could take that money and buy multiple rental homes in other areas if they wanted, or use the money to downsize in to a different home while still having money left over.