The IRS publication 527 does not appear to be much help.My reason for asking is because I bought a multifamily unit and have done ~$75,000 of upgrades to the property. 

So just don't add in crazy rehabs or high-risk landlording and a non-condo will let you learn all of that just as easy.

My question is - how would you structure a partnership with a non-value-add deal that produces $200/mo on a ~$26.5k down payment?

There's 3 criteria that need to be met: I must borrow at least 368kI want to have cash that's unrestricted in how I spend it to use for renovations (I can't use 1031 money to renovate properties I already own)I want to BRRR and force appreciation So, here is my idea: Buy one multi-family that's around 600k using non-recourse lending.

If this is the case, make sure you are not in violation of the leasing agreement, most include a non-sublease clause. 

Your payment would go to them, they would split off the loan payment and send it to the bank and the balance could go to the owner.You can also record your lease on public record which would likely  put you in a chain of notifications if the seller ever tried to sell or in the event of a foreclosure.

Non experienced investor- Recommended by Dmitriy. 

Since then, I've been listening to podcasts non stop, browsing through forums, reading tons of BP articles, and scouring around for reading material (REI & business books). 

I simply recommend writing a nice, sincere, non-threatening letter and getting it out to the homes in your market you feel would be a fit for wholesaling. 

So it is a total of 4% typically, and you will find a non discount broker typically having a total 5% fee that is split.