Additionally, the price point is still cheap enough to find the 1% rule and positive cash flow and there's amazing appreciation potential.

If things goes the way I anticipate, Austin will be probably my 3rd largest position in size but primary financial position. 

With your boots-on-the-ground approach, you’re in a strong position to find profitable flips.

I was interested in this type of deal because I was living in the area for another year and needed to build equity as well as dip my feet into the real estate market.

@John Bowens, I need to do this with my Equity Trust SDIRA.

Another option is a personal loan, but positioning it as a home remodel (rather than an investment property rehab) could improve approval odds.

Seems the simple answer, is that yes, if you have a positive qualifying income you are good. 

House hacking is a great way to reduce living costs while building equity, and BiggerPockets is a great place to network and gain insights.Good luck!

What’s the property’s current value and how much equity do you have?

He has been alongside me on the other deals so I’d like to give him equity/skin in the game and I don’t know how else to do itQuote from @Basit Siddiqi: Getting a property with a partner / friend will not help you from getting hosed on taxes.I wouldn't move forward - You mentioned beng a high income earner so your hourly rate is very high.