Year long lease typically, with subletting allowed to offset summer months cost to tenant.I worked out some high-level math: Assuming there is a 6 bedroom single family house for sale for 800k, and I can rent for 6k/month.Financing: 350k cash, 450k loan @30yr, 3.8%.Assumptions: 7% vacancy/yr, $4000/yr repairs, $10k/yr property tax, $4k/yr insurance, 8% management fee+50% first month rent on new leaseMonth-to-month breakdown: Income: $6000 Vacancy, Mgmt fee, repair, taxes, insurance: $2300Loan PI: $2650I'd take home ~$1000/month. 

Its a tiny loan for any institution.You'll have to get hard bids from a local GC, but maybe $110/ft?

If they have a good interest rate it might be worth looking to see if you could assume their loan to take advantage of the lower rate.  

The bank set me in at 7.1% interest (construction loan short term) This will be a side hustle for me.

Most DSCR loans allow LLCs to hold title and sign the note.

If you need more to do the rehab, perhaps instead of partnering, you could get your former boss to do a personal loan. 

So it's a loan....You just detailed a loan. 

You need two years of steady income before you can qualify for a loan.

The builders loan couldn't approve us for the amount we need to get, but we had a loan broker find a loan for 10% down DSCR with a 2nd home status instead of investment home.

Required good credit, adequate reserves, full doc commercial loan with a personal guarantee.