You might be able to find a more attractive offer.Updated electrical is a prerequisite for me in choosing s rehab.  

Those were the main reason why I got attracted towards rental properties over flips or wholesaling.

They are designed to get you in the game, experience what you are experiencing, and then get you to run to them for help.Once you are under their spell, they'll convince you that you need to buy their training packages, starting with a 3-day seminar in a hotel someplace for $997 to $1,497 where they'll promise you that you'll learn all about everything in real estate.  

Historically this community has been cash-only transactions between buyer and seller but in order to continue to attract new and young members we are looking for possible financing options for these individuals.  

Below are the numbers he gave me on the house.Rambler3 Bed, 1 Bath, 1069 Square Feet, roughly .25 acre lot, Occupied housePurchase Price: $141,000Renovation: $25,000Finders Fee: $0 (waived if I took it that day)Resell: $205-$215 (depending on finishes)Offered to sell it for me for freeSo here is the initial numbers I put together.Purchase Price: $141,000Renovation: $35,000 (I always add onto the number they give me, just to be safe)Closing Cost: $15,000 (7%  3% to buyers Agent, 1% to selling Agent, 3% closing cost)Holding Cost: $11,700 ($2,700 [points], $1,200 insurance, $7,800 for 6 months of Interest)Potential Profit: $12,300 (plus we finance our own renovation and pay ourselves)This is what it looked like:Next Post I will explain and show the demo/design and how we planned to add value to increase profits

What key things in this deal would attract a private/hard money lender?

The problem always is that the worst areas are the cheapest and therefore attractive when starting out.  

It was designed with one meter for heat and one meter for water/sewer.

Do you mean the required course to gar a license, or some designation after you have your license?  

You didn't speak about cash reserves, whether or not you would have an income outside of the property while going to school, how much you'd be putting down on the property, how you'll fund the build out on the areas to attract students, and if you have any experience with rental properties.