ARV is realistic, 1st and 2nd loan combined = $160,000/$250,000 ARV =64%.

Although I’ve only completed one deal and have just one SFH at the moment, they would like to partner up for the next deal and have a combination of cash and stocks of about $150,000 that they are open to investing (Although, they will likely want to start with about $30,000).

@Brandon WoodWhen the bank says they will lend up to 80% in the form of a HELOC it just means they will lend only up to 80% combined LTV between your first mortgage and your second mortgage which would be in the form of a HELOC.

We’re also open to doing it with a condo, but ideally a 2-4 unit.I’ve seen buildings that need some work (mostly modernizing or repairs like a new A/C) that I have stayed away from because we are trying to limit the amount of cash we’re putting down. 

The idea that because some people don't like something (STRs) that makes it "immoral" is modern snowflake morality.

@Chris Co debt service = monthly mortgage payments (all combined - 1st, 2nd, from lenders or seller, etc.)Please correct me if I'm wrong.

Chicago had more murders than New York City and Los Angeles combined.  

Most traditional lenders will not allow a second mortgage on the property for the downpayment especially is the combined mortgages equal 100% of the purchase price.

Personally think if the property was fixed up and modernized, it would limit complaints and issues, but not sure.

Today the work is finally done and the second unit's tenants moving in tomorrow and he has been haggling me to pay him his last draw combined with some out of scope work for a total of 8k.