If your present circle of friends are more interested in enjoying the good life day to day lose them quickly as they will be a detriment to your future.

But once you get one, it's less likely to lose money because there is a good chance that the sale price will be higher than what you estimated originally.

@Mark SenecalTurnkeys or rentals in general are not that great in SDIRAs because you lose the depreciation benefits and ability to leverage.

I would rather nave no deal at all than lose money on a bad deal.For estimating CapEx costs, some people just take a percentage of the gross rents, say 5%, to set aside for CapEx. 

If the deal is too thin to support a hard money loan and/or there is not enough borrower skin in the game to recoup your capital if things go awry, then you can lose money just like any other investment where capital is put at risk to earn a return. 

I am speaking from experience and watching countless investors lose out on low end rentals.

Under my scenario, they can keep their equity but lose their override.  

You may have been brought up in a situation that limited your understanding of your potential, but it's time now for the past to lose its hold on you. 

Your money in the deal shows you trust your own ability to complete the project and shows the lender that you have something to lose if the project takes a wrong turn.

As a Realtor, Here is my advised IF you do decide to wholesale and and are reported for "equity stripping" you will lose your license and get fined heavily.