But if you really want to tighten the belts, i saw a post recently where the owner received permission from the neighbor to run a hose from the neighbors faucet to the laundry outlet in the rental to reverse supply the rental with water. 

It's difficult to think about the bigger picture with no deals under the belt, but 30-40 years is a pretty big amount. 

The rest of the deals we have represented ourselves. we know a lot more now that we have multiple units under our belt hence more picky with who we bring into our circle! 

You mentioned you're almost strapped for capital and you've already got two properties under your belt.

They can possibly get you near free insulation, door and window seals and a duct blaster/blower door test to see where your bad areas are. 

@Marcus Auerbach  Marcus your dead on.. its a lack of new constructionand for the exact reasons you mention.. the low price inventory has been dominated by investors as you know.. look at any major mid west rust belt city and take a look at where houses sell for 50 to 150 who buys those  90% are investors.. so there goes your affordable housing its lost to rental stock.. plus folks that want to own their own home generally wont buy in rental dominated areas as the issues are complex and schools not so hot.. 

There is a 87 page breakdown of the Apartment Complex, located in the Rust Belt, Newly Rehabed and it’s projected CoC and Cap Rates are solid.

Once you have a project under your belt, you should be able to qualify by yourself for your next GUC project. 

There is always a collective "belt tightening" in January as people come out of the holidays, check their credit card statements, and promise to spend less, only to go back to their old behaviors a few months later.

@Steven OcampoVery commendable looking to get started, I read all the other comments so I’ll just leave mine here: getting Family & Friends money on your first deal is 1-risky because you’re putting folks money on the line you’ll have to eat Thanksgiving dinner with if it doesn’t go well, 2- as an admittedly small time Hard Money Lender myself I wouldn’t see that $50k family money as true equity from you, especially with 0 flips under your belt.