30 year fixed rate mortgage.

Do you want to buy and hold, fix and flip, BRRRR, wholesale...

Given the photo of that fix/flip, I assume you're OK with a "fixer upper" or would you prefer a turn-key rental?

It's difficult to find fix and flip opportunities on the open market but can definitely be done.

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

Investing this amount in passive deals might not provide immediate income, and you could end up waiting years to see returns (similar case in most investments.) 

So if you discount a small amount to get rolling, that is something that can work, but don't want to stay low for long.You will start to get the dregs staying at your place and they can do some real damage to the place.

They will look at the ENTIRE cost of the project and calculate what they can offer you in loan amount.

Did you set out to retire with real estate, did you have a goal or an amount you wanted to make?

Fix and Flip?