I now have about 20 guys, and still replenish ,  plus admin staff.  

Regardless of the condition I would advise a higher reserve fund with a minimum of $500-750 that's replenished monthly.Best of luck with your search for a co-investor / partner as well!

A draw model would have you fronting a certain amount of the repairs, getting invoices to show as paid from the various contractors, and obtaining mechanic's lien waivers in order to then get a certain amount of money refunded back to you, which can act to replenish your capital available to the next stage of the renovation. 

These funds are used as necessary and then replenished from the cash flows from the property back to its original watermark. 

If you have a rollover IRA you could try to:1) Ask for a seller carryback that is equal to the value of the down payment and the closing costs. 2) Then take the same amount of money out of your rollover Roth.  3) Use the rollover Roth Money to close the loan.4) Use the seller carry money to replenish the rollover roth in under 60 days.5) Sit back and enjoy 100% financing.

Petitioner's (taxpayer’s) uncontroverted testimony was that B'Mae's undertook the advertising, guest registration, housekeeping, and inventory replenishment in exchange for a fee equal to 40 percent of the proceeds of any rentals.

Hi @Michael Lopez exactly - or, not necessarily a HELOC for the funds, but just don't burn up all your savings on your first property, no matter what you do =)  And, it takes a long time for the cash flow from a property to replenish the initial investment. 

One other thought was to pull some contributions out of my ROTH IRA to use (if that is permitted) and use the 60 day repayment rule to put their gift back into my ROTH to replenish the funds I just took out. 

I utilize most of my available credit each month to replenish our inventory.

This scenario would also require the owner to wait at least 6 more months before purchasing new home to replenish the $114k for the down payment.