Not too much need for major structure changes. 

How major is the repairs and would you be willing to repair the unit for yourself while househacking?

Then with the profit, you'll have your down payment.

Why do you need to pay a service and cut into your profits when you can just do it?

I will go with a 50/50 JV where he doesn't charge any fees, we just split the profit 50/50 but I pay for everything.  

I do own 2 small Multifamily properties but I don’t think they show that much profit on the tax returns.  

College rentals are potentially more profitable but more difficult to manage.

However, @Bryan O. is correct, it would be better in this case to cut out the middle man, take any hit on maintenance, but reap a higher profit.

Of this $50K you need to rehab the house, pay any holding costs (loans, taxes, utilities) and take your profit.

Motivated seller selling me a 3/2 SFR but not sure what strategy to use.Property Details:Written Appraised Value - 134KPurchase Price - 90KRehab - 15KRent - 1,250/mthTax Rate - 2.54%Strategy 1:20-year mortgage, 4.63% interest, 20% downPurchase, rehab out of pocket, rent it, pay off the mortgage FASTER but collect LESS passive income.Strategy 2:30-year mortgage, 4.75% interest, 20% downPurchase, rehab out of pocket, rent it, pay off the mortgage SLOWER but collect MORE passive income.Strategy 3:25-year, 4.125% interest, 45% downAssume the current mortgage and pay the owner their profit of 40K.