Two hours and $50 of cleaning supplies could make it look pristine; it just clearly has been neglected.First floor unit has had some cynical 'renovation' work done but is falling apart at the seams.

Your handyman knows what he needs to fix a problem and you have the supplies to fix problem. 

Or use the $1900 to down payment on a cheaper property which you house hack, or use for rehab, or interest to a private lender who supplies the funds.

I’d hate to step into a major unit supply overflow issue causing downward pricing pressure on achievable rents.

My brother in law is supervising the renovation, including performing most of the work himself(would be closer to $12k without him), he will be responsible for property management, and performing any future maintenance work that arises without charging for his time, only supplies. 

By then I will have $10,000 stashed in an emergency fund, and $12,500 to go towards a down payment with the rest going towards furniture and household supplies, and also to cushion the emergency fund. 

I would tell them, that all or most of their (1/2 normal) rent will be used by you to purchase materials needed to make necessary improvements to the property and that the tenant must supply the labor.  

I’m 90% sure they supply the big boxes. 

The bees that pollinate the world's food supply are delicate creatures.

Hi fellow BP'ers, Can anyone supply a sample JV agreement?