The last property I just finished renovating and rented it out the next day. 

Sometimes they will walk over to their rentals just a few blocks away and you can see how they renovate them and what they are getting for rent.

I do have one question about this though, which I may be very wrong about but through a subject to investment could I realistically just pay the entire mortgage off, avoid those wonderful interest rates and turn around and sell it make a quick turn around or even better yet renovate then sell?

The home is newly renovated and I will get it under contract for $23,000 to $25,000.

The home is newly renovated and I will get it under contract for $23,000 to $25,000.

Here are the cold hard facts:- ARV 500,000$- Renovations (I will not know completely until tomorrow but I estimate it at 100,000$)- Apartments are empty- He owes between 60 and 70k on the mortgage- He is extremely motivated- He needs between 50 and 200k from the deal- He is open to the following: sub2 and partnership and, to a much lesser degree a straight out purchase at 250k- I have also communicated to him that I would probably bring a partner into the agreement.Thoughts from the BP community?

Additionally, my rental was under renovation until April so I had a few months of vacancy which the underwriter counted against my income (rightfully so).Now I'm finishing up 2014 taxes and I want to ensure I display everything (of course legally) in a way that maximizes the amount a conventional underwriter can approve.Rental incomeI know I cannot use any net income from rental towards my qualifying income.. ie: If my gross income for the rental is 50k and the debt service/taxes/ins only cost 20.. 

If you have renovation experience, that should give you a general idea of what you'll spend on each trade. 

I asked myself how would I finance the purchase of the home, and the renovations. 

But it would make sense to question that logic by bringing up the fact that if you buy a $10,000 house and do $5,000 worth of renovations, if it doesn't ever sell.... that's a loss of $15,000.