Your income is Sales priceLess Purchase PriceLess Costs to sell propertyLess renovations/repairs/holding costs.You mentioned having partners. 

Even with very little cash on hand, you can get creative financing; for example, I did my first flip renovation with a new business Credit card one year with 0.00% APR, paid everything back after the sale, and got points and signup bonuses.

I fully renovated the upper unit with well-above-average finishes, and it's been averaging ~$2,850/month in gross rental income over the past 12 months as an STR on Airbnb. 

If you focus on a fixer upper you can renovate in 6 months and refinance on the ARV.You only need to be at a 85% LTV to refinance and its not hard to build 15% equity in a property in this market enviroment. 

It's amazing to see old properties get renovated into something beautiful again - It's one of my favorite things about being a Chicago general contractor!

Here's a quick summary of the Fannie Mae Home Style Renovation Loan:The Fannie Mae Home Style renovation loan program can finance the purchase and renovation of a home in one loan.

My real estate journey began in 2010 with a three-family property that I lived in, renovated, and eventually turned into a profitable rental before selling it via a 1031 exchange to purchase a short-term rental.My current goal is to acquire my first multifamily property using private lending by Q1 2025 and grow my portfolio using the BRRR strategy.A question for the community: What’s been your most effective way to connect with private lenders for small multifamily properties?

Instead, I'd just rely on a CMA (comparative market analysis) of renovated properties in the area from your realtor unless you have local MLS access yourself to run the report. 

A couple of weeks ago, I came across an awesome off-market deal on a hundred-year-old house a few weeks ago and thought all I had to do was renovate it and I would have myself a nice little home to live in long term.

My question is can I purchase this property, renovate the top two units and just leave the basement as is?