I did approach them about a year ago about getting $25k credit line per property, and the response I got was basically no.

I've worked with many investors that take this approach.

Real estate investing works out best when treated with a crockpot approach instead of microwave. 

I want to make sure that both of us feel like the deal is fair and equitable for the risks and rewards involved.Any guidance on how to approach these key questions would be greatly appreciated!

Although I agree with @Nathan Gesner in part, I think he is off base in categorizing a relationship based approach to landlording as "amateur".

If you can rent it out, get it rented out, get a year lease, then start approaching commercial lenders for either a DSCR loan or a 2nd mortgage, with cash out. 

My dad used to manage other people's properties but eventually quit because the money wasn't worth it and he always ended up prioritizing their properties so as not to get any hassle from them.Another way to approach this might be to go all in on one project yourself and see how far that money gets you. 

My idea to achieve this is to convert the studio into a short-term rental.I’m trying to determine if I’m forcing this deal to work by relying on the short-term rental strategy or if it’s a reasonable approach given the numbers.

Now, if you listen carefully you will find that he too found some of the same things that others mentioned...no deals in Austin, prices were too high...but then he adjusted his approach and nailed it!

It feels like there’s always a surprise—whether it’s skyrocketing material prices or finding something unexpected during the demo—that eats into the budget and profits.I know there’s always more to learn, so I’m curious—how do you approach rehab budgeting?