The second red flag is he's trying to build his credit back up.

Boiled down it's the idea of owning RE without any of the theoretical "headaches" of owning it - you don't have to come up with all the funds for purchase; you don't have to manage it; you don't have to unclog toilets; ETC.

Is there anything left if you give him half the equity and can only borrow 75% of the value? 

Day 1: Securing the Property & PlanningIf you’re getting ready to rehab a house, the first thing you need to do is lock it down and get your paperwork in order.🔹 Step 1: Secure the HouseBefore anything else, slap a lockbox on the door and get some keys made.

I've posted about the vacant land we own outright a few times already. 

Rents will go up.

My budget is up to $70k and I will need help from family to start.

Hey Matt,We have definitely had a dip in demand and it has been harder to find qualified tenants, but we have attributed it to the seasonal ups and downs. 

I sold out years ago and it was the best thing I ever did. unless your up in Madison or by the REsivour in prime areas Getting houses stripped is a major issue and letting folks just walk in is insanity in those markets NO LOCAL would remotely consider that.

Quote from @Tom Grieshammer: I’m 26 and I’ve saved up 120,000 and want to get the best bang for my buck in real estate.