Purchase price: $80,000Reno cost: $55,000Agreed new purchase price: $175,000I will get some before pictures soon and post them up.Home is currently 3 bed 2 bath will be same 3 bed 2 bath with an additional 400 sq ft in law studio consisting of full bath jointing w/d room with the main home and kitchnette. 

I agree that a great option would be to find a partner and pursue a joint venture.

Keep all down payment funds seasoned and in a joint account with both names on it; a spouse cannot "gift" funds to their spouse if it's an investment property being purchased.

Fortunately there are plenty of others who are genuinely helpful.Be sure to account for the expenses of traveling back and forth to your  out of state property in your calculations of your returns.

(We did it within a joint venture that unfortunately didn't work.  

I am in a situation where my ex-wife and I own a house jointly (and still live here).

Tracey Artist JV normally means joint venture.

I'm in the process of buying the first of, hopefully, many rental properties and am financing it as a joint mortgage applicant with my father.  

@Cj Juan I have formed quite a few Joint Ventures with other business owners pursuing contracts from Hawaii to Statten island. 

If you are married, wife can have 10 in her name alone and you can have 10 in your name alone; obviously that doesn't work if you get joint mortgages. (2) Plan on having six months of "PITI Reserves" for each property set aside as funds the underwriter can "look at but not touch."