It is a little nerve racking to think about borrowing someone else's money for the first time but I am also aware that this is a common thing for REI to do, figure that I better get my feet wet now instead of sitting on the sideline and dragging my feet any longer.I am thinking that my best course of action is to hunt down properties that are turnkey or just need small cosmetic updates, pay for them with cash from the private/hard money then refinance them in 6 months or a year (whatever the seasoning period may be) with a DSCR lender.

A typical cosmetic rehab will cost between $5K & 10K (Paint, Flooring, Light Fixtures, fix broke items and things not up to code etc) I'm not looking to put new roofs, siding, or any major repair items on the properties I buy.

Heart surgery without a license. https://media2.mofo.com/docume...   

Then do some cosmetic renovations and resell at about market price maybe a couple points below.

I have the financing worked out, the deal goes through and the property needs some exterior cosmetic work, landscaping, painting, cleaning.2. 

I emailed the agent and this is the information he provided:Asking Price: $359,000Total Rental Income: $3,000Taxes: $6,828Down Payment: ~$40,000There is not much rehab to be done besides basic cosmetic updates on the outside.

I plan to pay market value, but they’ve expressed possibly giving me a slight discount of maybe $10k less than market value.The house is in good condition overall, but will need cosmetic upgrades mainly to the bathroom, and kitchen.

I don’t mind some cosmetic repairs but nothing serious.

Cosmetically they might look great, but the ones here in Atlanta are mostly covering up issues.

In terms of the rehab, I'm shooting for mostly cosmetic rehabs.