The BRRRR method and creative financing are game-changers!

Love that you have been in the RE game for so long!

The man selling said he knows he will lose money on the deal as the property already appraised for $560,000 but would love to get a young investor like myself into the game since his son did not end up sticking with it.

The current game is flipping which is a job (stop flipping and you stop making money) or more patience than I have.  

@Drago Stanimirovic I agree the Central IL market is a great one to invest in ! I

Start with Strategy by Dave Meyerhttps://a.co/d/8u2CtKyI read this book in Sept and it seriously changed the game for me.

But I can tell you that I regularly hear from the grapevine about the shenanigans some of the supposed reputable developers are engaging in. I

And I generally require a sponsor that has full real estate cycle experience with little to no money lost, low leverage, high skin in the game and reasonable fees and promotes.However, other investors will look at these deals as bad/too boring for them because they are more aggressive and not concerned about the risks of default, refinance, interest rates changing etc.

All-in I would have like 20-25k saved up, assuming you don't pay agent fees and can find a lender that will float you the first chunk of construction money. 

One other manages one and agreed to 8% as well of just the rents and when a new tenant comes in, I pay a new lease up fee (but not for just renewals yrly).