This unique renovation will also reconfigure the entire floor plan and add the modern design that we pride ourselves in bringing to each project and our communities.

For example, If a property's acquisition cost is 70K and I chip in 35K and this gentleman (maybe his business partners as well) put in rest of acquisition cost and  all renovation cost.

I will be leveraging an FHA 203k loan and plan to do some renovations to the property. 

Start with a small multi (2-4 units) that is already existing, that needs cosmetic repairs (paint, carpet, windows, but not foundation issues or other major structural renovation).

At about $30k a unit to renovate you are looking at a million dollar price tag for renovations. 

But, as a DIY landlord and renovation contractor, I am always checking to see how structurally sound the property is, how much work it's going to take to turn it into a functional rental, and what obstacles lie between what the property is and what I want it to be as a rental.

If you have a down payment and can do the renovation you could do the BRRR just remember to refinance the cash back out you have to wait 6 months for the money to season. 

Make sure you get your hands on the historical financials and a current rent roll and perform a rental comparable analysis to determine accurate, post-renovation rents. 

Purchase price: $155,500 Cash invested: $155,500 We landed this property at auction for $29,000 over the starting bid and paid for it with our own capital.It's an old house in need of a complete renovation but is in an ideal location.

I have an opportunity to get a SFR for 45k that is in a rough area but newly renovated with new hvac, water heater, and roof. rent should be 750 per month, taxes 650, ins 900. assuming 35% for capex and repairs and 10% for PM. assuming 8% vacancy factor and 5% leasing.