It depends on how you split the revenues.If the house is free and clear, you two should decide if you get to bank all the money after paying expenses (taxes and insurance) or if you have to split it somehow in favor of your rehab work or just 50/50 the whole time.Also, if your friend decides to sell it year 2 or 3, and you still haven't recouped your rehab funds, do you spit the proceeds of the sale?

The bank may say they have the option to extend it another 10 years, but that isn’t guaranteed.

Traditional bank loan, 15% down How did you add value to the deal?

Try a local bank oR credit union first.

A hard money lender said I need to have an LLC for the purchase, 15k bank statement for last 2 months and $3,500 minimal fee for loan along with 12% interest on 13m loan.

This will need to be a small bank who holds loans in their own portfolio.

Do banks consider ROI or appraised value? 

@Allison@Allison Escovedo What do you think your bank would do if you didn't pay your payments and ignored their calls for a couple of months?  

If you know of the odd 'winterizing' company that do it for banks etc they can notify you.

Jeremiah, here's my advice in a five-year plan so A) is patience:Year 1) start a single-member home-business LLC for FREE using bank bonusesYear 1-2) build a 720-800 FICO for FREEYear 1-3) season the LLC for FREE and target a 80 PAYDEXYear 1-4) save some cash by cutting back for a few yearsYear 4) study 10,000 properties for FREE and build a teamYear 5) target a small starter commercial project (4 units or more)using the LLC PAYDEX and 800 FICO when it's a buyer's marketrelying on good financials for the property more than your job6) rinse and repeat and SKIP RESIDENTIAL!!!