What do you pay that poor guy?

The goal would be to refinance after 5 years, use appreciation to pay off 60k, and cash flow would continue to increase over time. 

The payment standard is what Section 8 will pay UP TO, but beware it does not  guarantee they will pay the top amount. 

The guy messaging me says he will be the primary person of contact and be paying with a credit card for payments.

The property comes with one unit occuped and they are paying below market rate.

Look into ways to pay, like special loans, teaming up, or using home equity.

The bank protects you by disbursing payments to the contractor ONLY when certain milestones in the project have been reached.If you're looking to pay for the rehab out of pocket AND want to manage the project yourself, J Scott's books provide a great manual.

I have people pay $18K for a month in high season, I can't imagine they could get away with charging 20% on that.  

Also remember, increased activity from real estate investors often precede neighborhood improvements and rising property values, so pay close attention to areas with investor interest.

Min buy in is 50k, pays quarterly distribution. timeline 5-7 yrs, getting very good loan from insurance co source at 6.75% or so with interest only on yrs 1-3 then no defeasance penalties thereafter if they re-fi or sell.