I ran through the house with an inspector and a contractor to get an idea what we were in for and figured overall we needed to put about $50k into a rehab (this includes contingency $ just in case).

The attitude is one of collaboration, group sharing & learning from each other's best practices and ideas.

I always like to talk real estate if you ever want to share ideas. 

Replacing the carpet is probably not a good idea.  

Establishing an LLC to protect your assets is a good idea.  

That's not a bad idea, resolution is nearly irrelevant in what I want.

Leveraging a HELOC, private money or hard money are just a few ideas that come to mind.

I realize there are a lot of details that go into the mortgage decision process for the lender that I couldn't include in here, but just looking for some general/creative ideas of ways that things  could be structured with a lender to make something like this work.tia,-Rob

You would need to be on title for 6 months to do this but that's the idea that I would recommend.  

We kind of putted the idea around for awhile.