You can just reach out to them and determine which one fits your needs the best.

I would follow up to get pre-approved and determine how much you qualify for.

The owner is willing to carry the property while I do the repairs, when we sell he would then collect his $250k( the original value we determined I would pay) plus a small percentage of profit (yet to be determined). 

You now both save funds for a low DP loan on a new property and move into that renting your house out after.Who knows if that is actually a good idea or not because your financial picture is important to determine what would be best for your both. 

I would say start by determining what your goals are.

This will determine how a lender values and finances the project.I would put some more detail into the cosmetic updates -- is it just paint & flooring or will they need baseboards, trim, doors, cabinets & counters, appliances, fixtures, etc?

I hadn't really thought about enforcing this policy until very recently, when it was determined during an inspection that the tenant had been smoking both cigarettes and marijuana indoors.

However, there are several questions to think through to help determine if this is a good call. 

@Joe S.If you are looking for someone to purchase furniture, supplies, keyless lock, and set that up for you...then you might be able to ask your cleaner, handyman, or combination of both.If you are looking to determine if a home in a given market will make a good STR....I like to do that research myself.   

I know I'll have to get contractors into the home for more accurate rehab estimates, but this is helpful at a high level to determine whether or not to move forward.