My initial thinking was BRRRRing a house (investor puts up 100% of the capital), cashing out their principle via a refinance, and then splitting the net rents + house at something like 70/30.

Another way you can reduce your risk to combine a couple principles such as buying below replacement value and the 1-2% rule mentioned above which adds more layers of risk mitigation.

As the GP you could get say 30% of the split (say you get 10% of the 30% for being a key principle adding value such as raising capital, finding the deal, asset management, etc).  

Credit unions in principle exist to serve a community of people tied by a “bond of association,” which may be based on location, employer, faith, membership in another organization, or other factors." 

This includes DP, negative CF, rehab, outside loans, added payments made towards the principle (this doesn't save you money...it costs you money), etc...The role of equity is to grow through appreciation, and to move when it doubles to the next investment.The role of the REI should be to manage all of this.Cash flow and equity are both forms of cash. 

In either case I put $50k in initially as the investment and do everything I need to do to get the property and I get usually $25k (sometimes less, sometimes more) from the Tenant Buyer at the time of sale (so I recover about half of my investment right away), plus get monthly cash flow plus I get the built in equity by bumping up the price, plus I get principle pay down, plus depreciation and in the case of a Lease Option I get any appreciation and the Tenant Buyer takes care of all repairs and maintenance.

But as locals at THIS point in time I would say pretty much boycott them or lowball just on principle.  

The #1 most helpful thing you could do with $1,500 is practice the principles of REI in micro scale; locate a "deal" on an asset, acquire it, grow the equitable value of it, sell it, reap the gains, rinse & repeat. 

Investing is when your principle is generally safe, and you got a chance to make a return.

Property: 2 Unit with 1st unit commercial and second residentialCurrent Owners Mortgage: $121,000Property Value $300,000Tax Basis: $50,000Additional Details: Owner is a friend and contractor that for tax purposes makes very little money <$10,000.Looking to do owner financed deal as the current owner wants to avoid paying capital gains taxes.Say 30k in yearly payments going towards principle paid off over 10 years, which would keep him under the 40k income a year to avoid capital gains.