@Matthew PosteraroIt comes down to how much capital do you have to allocate, and how many units you are looking to acquire with your capital.

Renovation costs would need to be financed separately.Private Lending or Hard Money: Use a private or hard money loan to acquire and rehab the property, then refinance into a joint long-term loan.Seller Financing: Negotiate terms directly with the seller for a flexible financing arrangement.Final ThoughtsUsing an FHA 203(k) loan for your first property is a smart move, and with the right partnership agreement, you can still achieve your 50/50 goals.

Locally, I look forward to soon having my VA loan seasoned to refinance and fully rent out, and acquire another property. 

Quote from @Isadore Nelson: I’m considering acquiring an occupied foreclosure property—a two-family home in Brooklyn, NY—and I'm hoping to connect with anyone who has experience in this area?

Quote from @Rick Im: Quote from @Ashish Acharya: @Rick Im Inspection fees for unsuccessful deals and mileage for property viewings before acquiring your first rental CANNOT qualify as start-up expenses.

My fiance and I started using rental hero once we acquired our second property.

Price points are low when acquiring real estate but that also comes with lower rental market values for your units so it pretty much evens itself out.With that, if you are going to buy in Reading I advise you strongly consider managing your own properties.

Borrowers can acquire a primary residence from up to 1-4 units for as low as 5% with conventional, as the regulation was approved last year of November 2023.

To provide a practical example, I acquired a 60,000 SF assemblage that contained an autobody garage, nearly an acre of surface parking and a 4 unit building in Philadelphia.

In my experience, the General Contractor usually acquires the permit(s).