My in-laws would be our go to folks to have eyes on the rehab process and walk rehabs on a regular basis.

While the properties depreciate, there is one thing that can hold the value and that is cashflow.

Ideally, when you are looking for long term holds you want to make sure you are buying in a market with good potential to see approximately 3%+ appreciation progressively over the next 3-5 years with an increasing rent market.

What is the best way to raise and hold the money while you search for a deal? 

Do you hold other assets?

Also, you will assume the Basis in any real estate holdings which could have future capital gains implications.Pros.This is a great way to take over an existing loan subject to that would be really hard for the lender to claim due on sale default.

But not holding forever. 

Alvin,Sounds like you're targeting a buy-and-hold buyer, given the fact that the property is in reasonably good condition. 

If you buy a place, just be sure you want to hold onto it long term, at least 5 years and better if 10 years or more. 

Consider setting up regular inspections to ensure the property is being well-maintained and address any potential issues early on.