You don't want to buy something based on our online advice and get stuck.Personally I am not sure you would profitable in Seattle.

Message me if you want to chat further on this, I'm in touch with the sales office already. 

Based on a cursory reading we might be able to help finance this project for you.

I will say the until that hadn't paid did end up doing so, but that concern would be there for awhile based on how he started off. 

I made the mistake of not touching my 457B for many years.

They do not do asset based lending for LLC's.

My initial thoughts would be to secure a construction loan for the total rehab amount based on the entire property's ARV.

Yes we are all based in Austin. 

Obviously, I don't know anything about your finances, so for all I know, you may have a few million in the bank, and this project is just a fun experiment that wouldn't even be a drop in the bucket if it all turns south...but, regardless, you'll want to model out what would happen if this project crashes and burns...As you may know, managing a rental in a D to F area (or even a C area) is usually not recommended (for many reasons), and funding a rehab with credit cards is also usually not recommended (again, for many reasons). ...even highly experienced investors often won't touch anything lower than C grade because of all the difficulties of managing and re-selling them...If you're dead set on rehabbing the place and keeping it, I'd strongly suggest studying up thoroughly on the local rental market and tenant pool (e.g.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

Based off experience can you provide some recommendations on if this is a good idea and how to address his rent in this situation?