And you'll have a solid W-2 income to help you qualify for loans. 

I financed the deal with a conventional loan and bought down the rate from 7.75 to 6.25.

For context, I will be assuming his VA loan at 5.1% and he will be doing seller financing for the remaining equity and sale price. 

If you need more to do the rehab, perhaps instead of partnering, you could get your former boss to do a personal loan. 

Using the 203k or now the HomeStyle loan you can buy a fixer upper and get all the money to renovate. 

The bank set me in at 7.1% interest (construction loan short term) This will be a side hustle for me.

You need two years of steady income before you can qualify for a loan.

Unlike a mortgage the interest on your loan will not be tax deductible.

@Diana Teng there are a LOT of potential pitfalls:(So, it's vitaly important to not just find someone that you think you can trust because they tell you what you want to hear, but you find someone that their processes seem a good fit for what you want.EXAMPLE: we do BRRR Turnkeys for clients and take numerous vides we share with them - initial, worst state of any demo, when HVAC, plumbing, electrical update BEFORE walled in, before any major payouts and of course a final walk-thru video.One thing that's accurate from all the HGTV renovation/flip shows is that you should expect and plan for surprises!

Finally, always get the credentials to access the mortgage account online and change the email notifications to your address.