@Nghi Le is right to consider transfer taxes (I am just talking about income tax in my post).Just make sure there isn't a "Due on Sale" clause in the contract before you do the transfer.There may be some solid tax strategies and significant savings around entity structures available if you plan to make this something you repeat.

If A/C and roof are good, it sounds like the rehab wouldn't be huge by any stretch assuming no structural issues. 

@Qi Gao I would ask an accountant or an attorney before you do anything as far as structuring an LLC and including a foreign partner but from my understanding You can probably apply for the loan on your own and at the closing table you can do a quit claim deed transferring title to the LLC and or add your partner to the title of the property.

Simply put, the structure & scheme were bogus.

What is your primary source of funding and how are you structuring your deals to allow for enough cashflow to live on?

Make sure to do your due diligence (structural inspections, radon, termite, etc.) 

There is not a group that will structure a long term loan off the bat and include rehab costs.

For instance, if you learned the ins and outs of short sales, structuring owner financed deals, or lease options you could easily become "that guy".

Every market is different, but generally I shy away from condos as rentals; you usually get little to no land, therefore your investment is in a slowly crumbling structure that you may have very little control over due to an HOA.

My parents who own our company keep telling me it is not possible for me to do this deal.I'd been working to get pre-approved for a loan to potentially utilize FHA 203k but my pay structure is commission based for the first time so I qualify for basically nothing (or the bank I tried to work with is the worst).