I drove an older but decnt truck, ate well but cheaply etc.....Not sure what the labor market is in your area, but around here, small town WI but touristy and industrial, employers are BEGGING for more workers at $10-15 hour plus.

The upstairs (where the bedrooms and full bath are) is mostly set and only in need of some carpeting in 1 bedroom and some paint in a couple spots. 

These late 1970’s early eighties multiplexes are my personal sweet spot so take it from me; after you have rehabbed one, you have pretty much seen them all.

I am a former loan officer , but currently working in the food and beverage industry, I have read about the topic for the past three months.

That can also cost the investor money and legal issues as well, not just you.Nothing in my posts suggests you can not do well in this industry but rather you should address the things you do not yet know in order to actually do something of value.  

:-)Currently neck deep in Bigger Pockets resources, real estate books and other resources to better understand the opportunity, marketplace and best practices of the industry.

The training is the best in the industry.  

He has been employed in the same industry for 35 years, has an income of 100k/year for a company he's been working for 10 years, a credit score of 740, and a good debt-to-income ratio.What would you recommend I do?

Here they are:Benefits of a “friendly loan” 1)You can refinance rate and term loans immediately.If you buy with cash the current industry standard requires a 6 month hold before lenders will allow you to refinance.This may not be true for all lenders so ask your lender prior to your purchase if they require 6 months seasoning before a cash out loan can be obtained.Lending requirements change all the time so what is true today can change tomorrow.If you it takes 45 days to get the refinance loan, you can refinance potentially 4 times faster than getting a cash out loan if you have to wait for 6 months.Naturally you don’t want to refinance until repairs are complete to get full loan value so reality has a time delay to make repairs, but will still be much faster.2)You have as little money left in the deal as possible, potentially nothing after refinancing if you buy at or under 80% of value if you refinance the loan at 80% of appraised value.Compare this to buying with a conventional investor loan which requires 20% down payment and the loan amount is always the lesser of purchase price or appraised value.

The house needs roughly $100k worth of work but the ARV is $750k and with the land if I were to buy the package is $1.4.My question is since it does need work (nothing too extensive) but since the guy has not taken care of it or even been there, it needs new doors, windows and there is a lot of marble throughout the house and some spots need repairs.