In a perfect world I could have the seller finance it for a few years while I renovate the units one at a time, then refinance into a conventional loan. 

@Brett Baginski sounds like we're in the same boat, there are deals to be had, and getting started is more important than finding the perfect deal. 

You need to be flexible in your investing style to match the area you live in (unless you are investing out of state of course).

Your comment, "I thought giving him half or allowing him to keep" says to me your expectations don't match a traditional partnership. 

Based on the numbers in the calc you will lose $ if everything goes perfect. unless this is a personal home you will likely only be able to refi out 80% of ARV so $52k not the $61K you project which really means you don't need to refi.

It might be a perfect fit for your needs.

Perfect John!

Hi BP World,Here is my situation, I currently have a 401K plan with my employer which I contribute to weekly, this plan does not have a match option.What I would like to accomplishI would like to borrow against this 401K plan, however my employer plan does not have a loan provision option.

I'd really rather not sell the place, it's a perfect fit for my Uncle and he can't financially purchase a home. 

I don't believe any investor has a perfect record, me included.