He has more construction experience and a good amount of capital and I was willing to live in the property (that's what I brought to the table).

I've been wanting to start investing in flips or rentals for a long time but we were stuck underwater in a very unique property on the outskirts of Boise.

Home could easily rent for $3,000+.It is the next-to-last house on a quiet street, our lot is next to the home of the person who sold the development back in the 70s  and he kept 20 acres to himself -- so our home's backyard and to the side is 20 acres of woods and trails that won't be developedIn-ground swimming pool with a new pump and pool linerNew water heater, washer and dryer, and full-home water filtration system (all put in just before we moved in)Renovated kitchenExtremely unique "sunroom" that the first owner had custom-built with huge nearly floor-to-ceiling windows.

The way to buy hold, and operate these types of real estate is what's unique. 

Generally you want to pick as table or growing city.

If you go with $1,150 and the market is between $1,300 - $1,400, you are leaving $3,600 - $6,000 per year on the table.

I am the other side of the coin and could manage to qualify but need to bring 20% cash to the table and have entertained a hard money lender on a 1 year term before refinancing and paying out the lender. 

FYI, the reason I ask is that it just so happens, I'm in just this unique situation explained above and am curious where other's would pick.  

The chips you put in to losing hands, are not lost...they're just in a different pile on the table. 

It is a very unique situation, indeed.