If you are only making $600 a year - you can easily call that negative cash flow - because the first repair you have to make will probably eat that amount up.I would encourage you to compare whatever deal you are looking at to alternative uses of your money as to investments.  

Joining BP is a great step, but when you've educated yourself and have met some folks, start talking to lenders and find a good investor agent... and start submitting offers!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We are still about half compared to pre-covid levels.

A knowledgeable realtor should be comfortable discussing these concepts and applying them to potential properties.Ask about their network of contractors, property managers, lenders, and other professionals who can assist with your investment.Taking the time to find a REALTOR with the right experience and expertise will help ensure that you make informed and profitable investment decisions.

Additionally, getting the insurance sorted was very difficult since he had a lender placed policy.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Keep that money moving like it’s on a treadmill.Build a Team: Have a solid team in place – a reliable contractor for renovations, a property manager if you don’t want to self-manage, and a good lender.

In some cases you could have low DTI but in the lenders risk pool you are a high risk to offer another LOC/Heloc.

If the lender won't loan on the property until the lien is satisfied, it makes no difference from the buyer's side how the partnership splits any proceeds from the house.