Gutted and renovated the entire unit What was the outcome?

The seller would have to be paying us to take the property if we wanted to make that amount.We make use of the tools here on BP to help frame out a deal as well as using our knowledge of the local market to gauge what a property will be worth renovated. 

With a 203k Renovation loan, you can also finance in your payments if you are doing a major rehab. 

I'd be seeking someone to fund the down payment of the deal and I would be responsible for property management/bringing in funds for initial renovations for a profit/split.

@James Calvert there is conventional financing that allows you to use renovations to make the property livable, just as you would with an FHA 203k loan.

I was able to fund a brrrr deal using 0% interest rate business credit cards ($95k across different cards), I didn't have to deal with lenders and their high interest rates or their draw request process to access renovation funds.

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

Bought for $275k, seller finance, renovated $135k.

@Byoung Bae would NOT recommend an inexperienced investor try to DIY manage OOS anything other than a Class A rental.The odds are against you and you will statistically lose a LOT of money.Read below for some friendly advice:-----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

At this time I manage and renovate majority of all my units to keep cost low but most likely not the best use of my time although I'm skilled at it.