Leverage some equity and get into a deal with your finance.

Partner Driven saw an opportunity to create significant equity through strategic renovations.

If you're willing to travel and hour and a half and be hands on then you'll most likely accrue more equity in your deal when you have a successful renovation but you're trading your time.

My thought is to structure a deal where we borrow her parents equity from them and pay them in monthly installments once we get the apartments rented.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

seller finance opportunities are very, very difficult to find.hope this helps - happy to dialogue furtherWell in the midwest, you can still find the 1% rule and positive cash flow!

We have secured a home equity loan against our home (which we own out right with no mortgage payment).

It is difficult (though not impossible) to make condos pencil out for a positive ROI is tough (but not impossible). 

Once you get going, your appreciation will be great over time so you can recycle the equity to buy more and more properties.

Live under your means and start thinking about investing in Real Estate.In your position the thought of finding a duplex to house hack, live in one side and rent the other.