It costs #10,000 and he ghosts you after he receives the money. 

  $2,000 is a lot of money.  

Don't be an absentee landlord... it costs a lot of money...

Sell for $400k, he'll carry $100k of that interest only, and gift 10k/year for 10 years.I really don't want to pass this up, but putting in the amount of money needed for a tiny bit of cash flow, or losing money each month for a couple years would risk running out of money and pushing me back to a regular job.Would you pass on it? 

You need to buy in cash and you need to rehab in cash and then quickly move to recycle your money. 

What is a hard money loan?

Should I walk away from the first property or try to raise private money to make both deals happen? 

., you might be cutting it way too close to really do anything. 15k is the bare minimum I suggest for reserves or oh no money on any project so that doesn't leave you a ton left to work with.As @Glenn Banks said, 203k is probably your best option because it's an FHA loan and you can do low money down and the reno is baked in, but the reno is complicated.

Find your local Private/Hard Money lenders and partner with them.

I don’t have the money to begin something like BRRRR, but want to get into the game.