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With current rates around 7%, shouldn't there be an opportunity to purchase properties that were bought with adjustable-Rate Mortgages (ARMs) at 3% in past 5-10 years that are hitting their reset period this year 2024 or in 2025?

First off, I want to thank each of you for taking the time to nourish me with wisdom!

We have approximately $150k liquid cash ready to go and can likely gain more capital in a fairly quick manner. 

My criteria for doing a value add is that it adds at least 2 times the value add costs with minimum increase value of $80k.  

The list of items will probably cost me $15k and take more than 40 days to arrange given that I have a full time W2.

This allows you to scale multiples on your net worth over time.

Its tough to give more advice without actual numbers to see the sale proceeds versus the down payments.Nothing wrong with a 50/50 split other than when it comes time to take out your share in cash other than split rents. 

I prefer under-valued, distressed, poorly managed, properties needing updating/rehabbing in markets where I can buy at a discount and build equity and cash flow for my time and investment.

It sounds like an ideal moment to either plow some more money into savings or seek private funding.Perhaps if you find a modest flip you can infuse cash into your system in a hurry and build your network at the same time?