Now, if they put a substantial amount more money into it than you to where the return doesn't make sense for them, then I'd consider increasing their percentage. 

Known as the “HGTV-effect,” today’s homebuyers are influenced by these binge-worthy TV shows more than ever.

If you take into consideration the current interest rate environment I think you'd find that a slightly less than 1% rent number with a low low interest loan actually makes your IRR substantially superior to a higher rent with higher interest situation.That didn't make your choice any easier did it :)

But given the substantial difference between your estimated value and even the revised estimated value, I wonder if the appraiser actually set foot inside the property...Lastly, just be sure that if you are going to scream and shout at the lender that you have loads of supporting documentation and evidence on your side. 

I’ve seen good hardworking people waste 5-10 years of their life making bad decisions all because of one persons influence.

It can be hard for us to see because we are "zoomed in" to our own experiences and timeline, but in reality what we are experiencing right now has been experienced in several waves before over the past 100 years.For us right now debt is unbelievably inexpensive, which creates a huge demand both from the homebuyer and investor pools,  There are other factors influencing returns downward, too, but at the end of the day the diminishing returns we're seeing are part of an economic cycle and should be shaken up by some event or series of events in the future.Or it won't . . . here's to speculating (clink)!

Unfortunately we both don't come from backgrounds that have led us to having a substantial savings account.

We have completed two rehabs in New York State over the years as well as substantial remodels from our home in California and the only hitches we experienced weren't really any different in kind than those we sometimes experience in local rehabs.If you have never done a rehab locally, trying to do your first from a long distance is almost certainly not warranted. 

I count on my brokers to vet my choices, put the numbers together, and primarily tell me why one over the other.I have enough experience to do this myself,  and have substantial financial background but you always need a view to that removes your biases.

Coming from a fellow photography & videography myself it is an enjoyable side hustle, but the money for hours it will cost you to bring in substantial money doing real estate photography may change the joy in the hobby to a healthy disgust.