This choice changes the situation for the lender into an equity partnership which increases their risk, which deserves a higher reward, in equity, cashflow and sale.In any case the lender should be on title (like a bank would) to secure some or any colateral.I am a multifamily real estate business owner and not a legal expert, therefore any agreement should be drawn up and executed by an attorney specialized in your field.

@Jay Hinrichs this is true, I have always had an attorney for RE deals (and a title company, lucky us, we pay twice as much to close in that regard!).

One idea is to find someone who is also in the game that you could partner with that could provide the extra cash for the down payment. 

Either way, the fire has been lit and we are actively getting involved in the REI world and meeting other investors and are ready to just get in the game.

Make sure to still run a title report to make sure their are no super liens on it.

It will take a while to establish income but real estate is a long game.

I am ready to learn the wholesaling game.

I would encourage you to work with the title company to make sure that there are no other leins in second position.

If these deals were single families I would do a reno in a heart beat because the "BRRRR" method works well with the equity game.

@Marty Summers If your end game is to fix the house up and sell it for a profit why not just go ahead and do that?