If that's the case, I would try to raise private money before going down this route, it will be much cheaper and you can stake out 100% of the equity for yourself.

David Greene mentions on the podcast that these type of BRRRR rehabs are more closely associated with Private/Hard Money Investors because of the condition of the original property.

If you are new I’d spend the next 2-3 years saving money building up credit and learning via reading and podcasts to figure out what you want to do in real estate, flips, buy and holds, buy notes, private money lending, or anything else because there’s dozens of ways to be in REI. 

I even got the yes from a private money lender to front me the down payment being that I qualify for a FHA Loan.

I would be happy to have a private lender to loan me at 8% annual. 

Along the way, others have opened my eyes to also storage, mobile park, NNN, and private equity real estate funds. 

Has to go cash or private at that point.

Once the rehab is complete, a 3rd party inspection will reveal any issues that may not have been addressed. 

I have 3 properties with loans in my name and 6 properties with commercial and private loans in an LLC.

Maybe they are lying about the property and duing the diligence reveals that.