The title and loan is obviously in his name currently but we agreed to fund renovations (and yes, we created a written agreement for this) and then share in the rental income profits.

The title and loan is obviously in his name currently but we agreed to fund renovations (and yes, we created a written agreement for this) and then share in the rental income profits.

I have this issue with my beach property :)Overall your approach to using cash and getting a loan later isn't a bad one at all.

, cleaned, and installed new HVAC, ran all new pex lines/valves/shut offs, all new hardwood flooring and carpet, all new and expanded kitchen cabinets, new appliances, created full bath and connected it to a bedroom to create en suite, repurposed 2 unused rooms (1 into a 4th bedroom/office/playroom and one into a family room, installed new interior and exterior lighting throughout, new automatic garage door, and landscaped.

Created en suite bed/bath, extra bedroom/office/playroom, created family/tv room, added a couple of windows in dark rooms, installed new HVAC, ran all new pex lines/valves/shut offs, all new hardwood flooring and carpet, all new and expanded kitchen cabinets, new appliances, converted 1/2 bath into full bath, repurposed 2 unused rooms (1 into a 4th bedroom/office/playroom and one into a family room, installed new interior and exterior lighting, new electric garage door w/remote, and landscaping What was the outcome?

Every loan I crunched had us raising rents on the 3 other tenants to get even vaguely close to our numbers. 

I currently have about $112,000 worth of equity and also have my VA loan tied up in the property. 

I have another 5-10 years to retire and I do not want another loan.

Get with a local banker and have them walk you through the process of getting a loan from them. 

If you overpay and you're underwater on your loan immediately, it limits your options to sell or refinance should something come up.2.