The underwriting is actually conservative.

So for a $500k investment you would look to raise $250-$300k and get bank money for rest but your overhead will be too high.

So while every market is different and $4500/mo in rent is nice, are you spending a lot of money to have a less valuable property, versus spending that same $400k (or less) to do a nice renovation and keep it single family home and sell it or rent it out as a nice single family? 

Nice, what's the next move to create multiples on the money earned from the sale? 

Do I go with a Hard Money lender until I can refinance into a Conventional loan? 

There is also no target right in terms of an asset, and you need that.That's a fair point, I don't want to get in over my head but I would like to get some passive income rolling...I just need to know if there's any actual feasible way to get me started in this business at my income level.

Lets say its 1k a month on a quad, your partner would be losing out on 25% of income, while you would actually be getting the full 100% plus some on the break from living expense. 

@Levi Collins i can run it by my hard money if you would like. not sure if that fits in the box but happy to ask. if you can send additional details, please do!

It’s the business housed inside the building that makes the money.

I have an investor that will loan the down payment and so I am going in on this deal with no money down.