You could tap the $400k of equity in your primary, but that's a slippery slope with the little financial discipline you appear to have and could quickly lead to bankruptcy.

How do you think you'll get another 10% equity after 12 months of payments?

@Roger KimBe careful about gifting twice as well - if you own 50% of the home and give him the full 100% of the proceeds, perhaps it could be considered as a gift from you to him of your 50% of the equity (likely recorded by formal deed prior to the sale). 

@Andy Ptak when jumping into the industry you have a few choices:1) Start at the bottom2) Leverage your experience to convince someone to give you a chance3) Decide between:--- Big companies who will usually start you at the bottom--- Small companies that will more like to a chance on hiring you for an above entry level position.

(wisconsin)How can I best position myself in this deal where the lender is comfortable and we have a solid prefab, but also workable to where I can keep my sale price competitive and build costs down.This lot is within spitting distance of the lake.

If I decide to do the repairs and continue renting it, I will cash flow positive a bit, but to get to that point I would have to spend thousands (replace entire electric system, roof replacement, etc). 

I would tell people today that if you buy a primary residence expect to stay in that home for atleast five years, especially with a FHA loan which has lower down payment as the current forecasts for home appreciation or very low which with closing costs on the buy and sell, it will take several years to have equity in the property and enough to be able to sell, so that is something also to consider.

1.5ML in equity and we are house hacking this property.

In a way, I think the BRRRR process is really the process of "adding value" to a property and then pulling out that forced equity as much as you can.

Buyers and investors who position themselves early will have the advantage over those waiting on the sidelines.For those looking to secure financing or explore investment opportunities, now is the time to build relationships, line up funding sources, and identify target properties before competition increases