My whole point is that when analyzing a property in the book Brandon speaks of cash on cash return of 10% as a goal.

I find that in any interaction with bankers, it helps me to visualize them as a robot that speaks a different language than me--numbers.

Definitely speak to an Attorney and CPA who can assist you in setting this up.

My offer - $925-950K  (no realtor involved)Closing in 30-60 daysI get it under contract, put about $30K into it for cosmetic fixes so its rental quality ready, and then assign the contract for $100K to an investor or family willing to put in sweat equity.Do a double closing and pay the sister $500K equity with the proceeds from the end buyer, I take my $100K fee, and sister pays my friend his portion of the $500K equity they agreed to. 

@Nicole HeasleyYou might want to speak with your lender about having two FHA loans at the same time as it was difficult for me in the recent past.

Most such buildings are in lower class areas or of lower quality construction. 

Collin, I'd recommend you speak with a loan officer to make sure your plan will qualify for FHA. 

But finding a good quality Jack of all trades is difficult in this area.   

I would need more info regarding the property, but you likely wouldn't need that much saved up for plumbing unless you anticipate complete failure of that system.STRUCTURE - If you think you need to invest that much in foundation and structure, you may want to rethink purchasing this property.I would recommend you speak with some local contractors to dial in your expected costs, and life expectancies of the respective home systems. 

Might be worth your time to speak to a structural person and make sure you're not getting into trouble on a resale.