I am working with a new investor and they are looking to get their money into Real Estate investing, but they have ZERO ability to find/negotiate/buy/manage deals and the corresponding upgrades/rental etc. 

Units could maybe use an upgrade if I wanted to go more modern but really unnecessary.

Buy a few income-producing assets before upgrading your personal home.

We just finished that last R and are making a couple more upgrades to the unit we live in before we start airbnb'ing it and just started looking for our next project so we can repeat.

I found a duplex that I am interested in buying and here are the details: Asking price is $185k in the MLS Each unit is rented section 8 for $840 Taxes are $2900Insurance is $1250 Looking to put 20% From the pictures I would estimate it will needs about $20K for repairs/upgrades (needs new roof, 1 hvac and siding, cosmetic stuff)Most likely it will go quickly in our market in NC Looking to buy and hold for 10-15 years -What would be your offer?

slowly upgrading unit What was the outcome?

Upgrades done:-Full Master Bath remodel-Full Basement In law suite remodel-New Driveway-Replaced most of the windows-Jack and Jill Bathroom remodel-All new landscaping-Granite Counters added throughout-3 new HVAC units-New Electrical Fuse panelWhat made you interested in investing in this type of deal?

Wife and I are both AD Military and about to buy our second home (upgrading) at our current duty station and on the fence if we should rent or sell our current home.Current home is paid off so we don't need to sell or rent which is making the decision harder!

You may be aware, the VA loan has stricter requirements than most loans, therefore if you are looking for a value-add opportunity using a VA loan, I suggest finding a property that is in livable condition yet needs upgrades.

Property 1 - Sell the property (you could 1031 it to better performing properties, or DST, UPREIT, or pay the taxes, (maybe offset some taxes with charitable gifting, or other deductions depending on your tax situation)Property 2 - Cash-Out Refinance - Pull out as much as you can, do the repairs and increase rentsProperty 3 - Pay off the property with Refi money, do the repairs and increase the rents.You would keep the two better performing properties, improve cash flow and investment returns.If you want to keep property 1,  I would refinance it and pull out enough cash to pay off the other two properties and do the upgrades.