- assuming a 1% interest fifteen year loan w/ $5K annual property tax & $2K annual insurance, the monthly repayment should           be ~$3K     - if nothing from George & Mom, use seller financing!     

You can find 50k duplexes in ok areas that you can squeeze 1500/mo rent out and some people do well, but that comes with a unique set of challenges, especially for an out of state investor.

You have someone else paying down the loan AND in the long run, the overall repayment of the loan to bank will be lower due to your lower interest rate. 

Borrowers were getting mortgages they had no ability to repay.

Also, am I able to fund the renovation with expectation of a repayment since the down payment gift restricts that?

TIC could mean that it is 1031 funds.Yes, any unique structures would be identified in the offering documents.One side deal could be some ownership in the GP but that does not impact you (unless they modified the splits to cover this additional investor compensation).Your diligence is good and the results are as expected...no deal breakers but a remaining level of uncertainty. 

Sewer can especially be a unique challenge because you either need gravity back toward the house or you need an injection pump to grind up the sewage and shoot it down a higher pressure line.Also, where are you going to park if you convert the garage?

Each person has a unique investing style or niche.

Depending on how you plan on investing the funds and how quickly you can repay, this can be a great way to self fund a real estate deal.

Hello,I have a unique scenario where 3 people are involved in acquiring a property, just looking for the best way to go about it that satisfies all three parties.Person 1: Bad credit, Mid-40s income, never owned and hoping to buy a home on their own in a metropolitan area (Fixer upper).