I think it is a really strong metro area, happy to share my analysis of the city if you want to share your email. 

It's great that you guys have a strong investment partnership going, so hope it pans out well for you both.  

A strong team prior to buying a property in your investing area is super important, especially being out of state.

If you're using it to just buy additional property using a BRRRR method, then you would draw down the credit line and pay it back fairly quickly and get yourself back to strong cash flow again.

Either way, I strongly suggest you never mention occupancy to them or anyone.

It was the catapult step that got me started many years ago.To others;   I strongly suggest that a new person not consider a first rehab that needs to pop out a 2/1 into a 3/2 or 4/2. 

Strongly suggest you consult a qualified attorney to review.

I'd also recommend a thorough discussion w/ a qualified agent on the state of the market and what goes into putting together a strong offer other than just price.

To have such a large IRR with low Coc I figure you probably have a strong gain at disposition?

The agent can help you see properties, as well as refer you to some dependable lenders who can get you preapproved (which is a major piece in submitting strong offers).