Another option is to consider the current market value of each property and use a percentage of value of what you're selling compared to the total value.You had mentioned doing a 1031 exchange.

@Joel Owens thanks for the advice. flip is unsecured. this is in the single digit percentage of net worth, so I haven't put as much energy towards this, but still needing to come to a conclusion. 

I’d give quite a few a call to see if any would lend.I imagine the best path is it to look for deals, partner with someone experienced who can carry the financing and you get a cut/percentage and/or finder’s fee, as well as, starting your track record of doing deals.

If the side you live in would rent for the same it looks like a good deal especially if you keep your percentages. 

If they will commission only from the deals that they get under contract what percentage seems to make the most sense to keep a talented person on your team and happy?

@Amauri Martinez They are a legitimate lender but a very small percentage of deals will qualify for their 100% funding.

However, I would be inclined to tell any tenant that all or a percentage of the rent can be applied toward materials used to improve the property, - if the tenant will provide the labor necessary for improvements.   

There might be other costs like appraisal / BPO, property inspection etc.Few lenders give 50% of construction costs are post reimbursements in draws and few does higher percentage of coverage on renovation costs.Ask around and see what works best for your situation

I've heard of certain companies out there that will challenge your assessment on your behalf but they usually take a percentage of what they save you as payment.

@Jason Turgeon Well, what I've done so far is I look at the Zestimate, and I also look towards the bottom of the listings for the percentage above or below the average market value.