Sell for $400k, he'll carry $100k of that interest only, and gift 10k/year for 10 years.I really don't want to pass this up, but putting in the amount of money needed for a tiny bit of cash flow, or losing money each month for a couple years would risk running out of money and pushing me back to a regular job.Would you pass on it? 

It costs #10,000 and he ghosts you after he receives the money. 

  $2,000 is a lot of money.  

You need to buy in cash and you need to rehab in cash and then quickly move to recycle your money. 

Simply looking at the price isn't a good way for an investor to make money.

Don't be an absentee landlord... it costs a lot of money...

However, it can be at times a bit hard as the low-hanging fruit is gone and there's a lot of eyes (including institutional money) on the sector.  

Should I walk away from the first property or try to raise private money to make both deals happen? 

Hey @Dan Gongora - I have a list of lenders that another BP member shared with me a while back...the lenders are exclusive to Chicago or Illinois, but I assume that wouldn't matter to you.How much equity do you have in the property and what is your game plan with the money?

., you might be cutting it way too close to really do anything. 15k is the bare minimum I suggest for reserves or oh no money on any project so that doesn't leave you a ton left to work with.As @Glenn Banks said, 203k is probably your best option because it's an FHA loan and you can do low money down and the reno is baked in, but the reno is complicated.