I looked into this at more than one occasion, because Milwaukee has such an old housing stock, everything is 60-120 years old.Most of the new apartments we see are 4 and 5 star developments with very high rents, this allows to offset the high cost of construction a little better.

Some things have shortcuts, but developing relationships isn't one of them.

Now I've got a property under contract:$78K purchase$35K in development of utilities.$24K in soft costs (permits impact fees etc)$200K (or less) buildout of the house (size tbd on after-build-appraisal) Likely going with 2/2 A frame 1000 sf.

Too many people are sleeping on this.Kentucky Economic Development has many site ready properties in smaller areas that are ripe for rentals. 

Then connect with some hard money lenders (you can find some here on BP as well as some who are typing this right now) and connect with them to understand their product type, what they like to lend on and requirements.Hard money broker is all numbers game of making relationships and helping those that are looking for financing, it starts out slow but if you get with a few good borrowers and lenders it can be pretty decent money to be made.As an example we paid six figures last year to HM brokers. 

We plan to share ownership of the property as I am going to invest my money into developing (building a Detached ADU in the back) and re-modeling the property so that we can collectively sell it for a profit.

@Amir PortalFort Worth (Southside): Affordable entry points with growing rental demand due to development and school proximity.Arlington: A solid mix of price points and strong rental potential, especially near UT Arlington or entertainment districts.Focus on areas with rising population growth, job opportunities, and low vacancy rates.

@Rosmery ThenMy partner and I are in the same situation, just he has 20 years of construction and development experience.

Price fair, don't get greedy, play the long game.

We’d love to collaborate further and share more ideas as you develop your vision.