I don't rent single family anymore....totally and strictly shared housing for me now for a whole variety of reasons which you might consider if this is a 2-bedroom unit.  

I have a variety of questions regarding mentors so lets start with the ones on the front line.1.)

I've purchased the click variety as low as $1/sqft but the stick down kind can be stuck over old sheet vinyl or luan and is as low as $0.49-0.79/sqft.

This works well if you have all cash to fund both the purchase and renovations -- However, if you're cash short -- there's always a way -- some banks offer purchase + renovation loans, you can use hard money / short term construction loans, and a variety of other creative ways discussed throughout BP.Thanks,Dan

Over the years, I've been involved in a wide variety of real estate projects - a BRRR, 2 flips, a vacation rental and a major renovation.

I have written about a BP article on Three Key Routes for Passive Real Estate Investing you might take a look at for a variety of options.

This can be done in a variety of ways, so there's really no one answer on how to do this.

If it comes down to a hard money loan there is a wide variety of lenders out there ranging from professional companies that lend nationwide to your local millionaire that lends out their own money.

@Vernon Trice III An investor would pay off the note and absorb a prepayment penalty due to a variety of reasons. 1.

@JeremyRoll is also a great source of a wide variety of passive investment opportunities.