@Daniel Hartz...it would have been easier for suggestions if you have posted the address so some of us could see if there's more equity than what is being stated.  

It does not appear that many newbies (or experienced) investors are buying much (transaction levels are at record lows). 

It gets easier with each passing day to spot them.

An easier route would be to convince him to go in on the short term rental together in a partnership. 

Purchase is ~$500k and rental income will be ~$100k.Also rates may go down resulting in increased cash flow via a refinance.The answer to your question is there are a lot of different ways to make money via RE investing, but it used to be easier to find deals that work.  

I'm an investor and mortgage broker and have options for loans that go as low as $75,000 and down payments as low as 15%, which makes it easier to stay above $75,000.

A simple easier like that sucked.

With Chicago's new Express Permit Program, it's a bit easier to get permits for work that would have previously required architectural drawings. 

Cody's link appears to be the Carissas and Colorado apartment complex land that D32 Builders is trying to sale.

I've seen a few foreclosed properties around my area for less than $50k in neighborhoods where it would appear that if these homes were really fixed up they could ARV for $120k (or more).