It definitely would be near impossible in Utah.I wouldn't buy under 50k without any experience.

The stuff above and how I would go about doing a deal like this without knowing rehab costs would be either two ways.

I would say ads are better than cold calling as its inbound vs outbound marketing and most people do not like to be called.

The first one to hire would be the accountant.

Would it be possible to take my $100,000 liquid cash and their equity and go to a lender and get some sort of funding for the rehab?

This arrange that you will have will likely be a headache(major assumption on my part).First - Do not do business with a friend. 

I’ll be developing more and more and as such looking for a long term collaboration.

@Hiyun Park only experienced investors can DIY everything in Class C Midwest areas like Detroit, Cleveland, St Louis, etc.Hopefully the info below will help you:-----------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

They are brutal in all of South Carolina, but specifically in Columbia.A $1,000,000 investment property would be paying over $28,000 year just in property taxes.#1 tip I'd give if you're buying existing (or building) is to call the assessor and ask specifically what the new assessment will be after improvements.

DSCR won't work for us because given the rent roll we would only be able to be at 65% LTV, and we are looking to be at 70%-75%.