hire people to do the repairs-the owners pay for it whether you do it or you hire someone to do it. 

Cutting corners to save time might seem like a good idea, but it can lead to expensive repairs later on.

Make sure both properties have all the repairs and maintenance needed and no major cap ex is needed before you try to add one on double leverage.

I'd plan to save any profits each month for future CapEx, repairs, vacancy until we had ~20K for this house set aside.

@Stephen Hood your idea is solid and shows good potential, but here are a few things to consider:Private Lender Terms: Ensure the lender agrees to the 1% origination fee and $2K monthly payments—some may require a higher interest rate or balloon payment at the end.Timeline for Sale: Factor in potential delays with selling your current property or completing renovations on the new one, as these could impact your refinance timeline.Refinance Feasibility: Confirm with lenders that refinancing at $500K is realistic, especially after recent rate increases and appraisal expectations.Exit Plan: Have a backup plan in case the market shifts or repairs take longer than expected, such as extending the private loan or bridging with a HELOC.If you can lock in favorable private loan terms and stay realistic about costs and timelines, this could work well.

When you don't have money for a downpayment, you should not be trying to buy a home because no matter how you do it, you will be overleveraged and have no reserves for repairs, etc.

My goal is to learn how to FIND the best deals particularly distressed apartment buildings that need repairs. 

I had invested in out of state RE in the Midwest before. buy & holds in OH that we ran into several issues with, incompetent PMs and lot of repairs required leading to losses and instability.2.

With a full time job even 15 units gets tough between collecting rent keeping repairs up, preventative maintenance, looking for new deals, managing refinances, etc. 

Quote from @Michael Belz: Now, I have two options: I could fix and flip it with an estimated $200K rehab for an ARV (After Repair Value) of $825K, having purchased it for $465K.