It is not a term determining how much to put into renovationClass c or d i wouldnt over fix which is common.

There might be tons of equity and you can then do one sort of deal.

For 85k, you can get an SFR in certain C, C+, or B- areas that will be close to turnkey or turnkey and can rent for $1100-$1300.

This will most likely need a SEC filing to offer non-registered securities commonly referred to as a REG D 506(c) or (b) to be legally able to raise private capital. 

What you need is numbers and a business plan(specifically how they will make it a top STR and the steps they will take.) from the partner and if they make sense and you have the money and don’t need it you could choose to bet on them.

Your rehab cost will be dictated by the condition of your property (deferred maintenance and other capex issues), submarket, neighborhood, tenant expectation/quality, comps and property type (A, B, C or D). 

Had the real estate down turn not take place in 2007, I'm sure he would have pulled it off, and sold it for $800K plus, making $75K in the process.After the real estate downturn of 1986, I ran across quite a few investors that bet on real estate prices climbing and lost their shirts.

If something goes wrong and you need a new A/C or roof how will you pay for it.

Likewise, a tenant on section 8 is, in general, a safe bet on being a good tenant.

wall street is making a big bet on this..