@Yents Ybrimovic If the 203k loan only requires 3.5% down and you can finance all the repairs in the loan - then what exactly is your friend contributing?

I have found some information that might be helpful John.There are government backed programs like Fannie Mae Homestyle Renovation Loan and Freddie Mac Home Possible Renovation Loan, in addition to the FHA 203k loan. 

I'm using my VA loan so I don't have to put any money down & can keep money in my account to fund rehab deals. 

You should speak with a CPA and a tax attorney to be safe.Regarding your thoughts about 1/3 equal splits - sounds good until you check out the cost of getting a DSR rehab loan or borrowing hard money.

We currently own 13 rental properties and have paid off all loans/mortgages including our primary residence. 

Investors may like the income on the spreadsheet, but the appraiser for a traditional loan won't care.

Bankers will be asking for proof of this filing as you get loans in the future.https://fincen.gov/boi  

This low inventory will continue to pressure up rents.The sales market is (finally) showing a seasonal slowdown.Sales - Months of SupplyThere are about 1.8 months of supply for our target property profile.

They used that period of unemployment to skip paying student loans and then try to get some kind of program/hardship deferral or something aka "gaming the system".

Also looking to take a loan out on this paid off unit.