With the numbers the way they look I could definitely do the BRRRR strategy on this deal instead of flipping it, recoup all his money with a 75% loan, pay him back and keep the property, rent it out while recycling his money on the next property to do the same thing. 

Since you're already in Naperville, I assume you'll be able to find the time to get around meet local RE folks and pound the pavement to find deals.That said, from my own perspective IL/Chicago have some serious challenges over the next RE cycle (or two) that in my opinion make it imperative to have well-defined exit strategy before entering any new deal.

I have enough to cover cash purchase + rehab for a typical deal, and plan to recycle the funds for multiple deals.

I have noticed a lot more adult beverage bottles in the recycling BUT NOT as bad as this one...

With these improvements, we plan on refinancing and pulling out more than what we invested to recycle the cash into another deal.

With these improvements, we plan on refinancing and pulling out more than what we invested to recycle the cash into another deal.

However, that $200/mth comes with very little of your own money left in the deal therefore you can recycle your cash and make it go further.  

That allows you to recycle your money with a refinance and still cash flow well. 

Personally I would take a 100 year loan if banks offered it.I'm in the game for cashflow, so once tenants pay my PITI, I want to recycle any additional monies received into more cashflow!

We met with his advisor about 6 months ago and presented the plan to use that capital to purchase real estate, renovate, then refinance out equity and recycle that original capital into next deal.