I have this issue with my beach property :)Overall your approach to using cash and getting a loan later isn't a bad one at all.

The title and loan is obviously in his name currently but we agreed to fund renovations (and yes, we created a written agreement for this) and then share in the rental income profits.

There are many lenders that will not do loans to LLC entities . 

The title and loan is obviously in his name currently but we agreed to fund renovations (and yes, we created a written agreement for this) and then share in the rental income profits.

Every loan I crunched had us raising rents on the 3 other tenants to get even vaguely close to our numbers. 

I currently have about $112,000 worth of equity and also have my VA loan tied up in the property. 

I have another 5-10 years to retire and I do not want another loan.

Get with a local banker and have them walk you through the process of getting a loan from them. 

If you overpay and you're underwater on your loan immediately, it limits your options to sell or refinance should something come up.2.

.: @Marcus Auerbachjust to dig into 'cash flow' a little more... would you agree that if you bought a solid property in Milwaukee in a solid neighborhood, using a DSCR loan, you will be break even or negative?