personal finances and mortgage with local lender How did you add value to the deal?

Based on info provided, rate should be more in the mid 7s-low 8s likely, back of the napkin, with no lender discount. 

Read anything on Private Equity structures as most syndications follow those models. 

What you need to do is hopefully go to the lender's website (that your relative was using to pay the mortgage) and just make payments to the bank. 

Most lenders here on BP will do value add loans on 1-4 units.

Be up front with your lenders about your scope of work and who you intend to hire to get it done. 

When I've talked with the banks with a sub2, I have a power of attorney which gives me permission to talk with that lender. 

Purchase price: $150,000 Cash invested: $150,000 Sale price: $400,000 this was my home for 15 years, was an old mobile home but I bought a new one July 2023 paid cash. 1460 sf. 3 bedrooms, 2 full bathrooms, beautiful granite kitchen, beautiful back lake view with a boat dock, adde a new front porch 10x12 and adding also a 22x18 back porch, private neighborhood, estimate of my home is around $400,000 What made you interested in investing in this type of deal?

To successfully invest in a property for steady income, establish your investment standards, research the market thoroughly, assess your financial preparedness, connect with local agents, property managers, lenders, and other investors, analyze properties carefully, consider various financing choices, do your homework before making an offer, and negotiate and finalize the deal.

Sounds like it is effecting the lenders collateral and thats why they don't want to do it . should confirm though