You can also consider a renovation loan where instead of paying the rehab costs out of pocket, the rehab cost is financed as part of the loan and paid back as part of the monthly mortgage.

Does anyone know of some good GC's that can do a full renovation? 

DEFINITELY make sure you do your own due diligence here and do not just trust the sellers word about the level of renovation required.

Purchase price: $64,000 Pending removal of current tenant, cleanup/repair/renovation What made you interested in investing in this type of deal?

My contribution will be providing the finances required to purchase a rental property while he will primarily focus on finding the right property, completing renovations and working with contractors.

However, after reading and informing myself I understood that I’d have a better ROI by getting an apartment that needs renovation and do rehab.The problem is that older building here are really crap old.

There are many things that could be overlooked as part of the renovation on fire-damaged properties. 

This is a renovation loan where the property doesn't even need to be habitable at the time of purchase.

Totally rehabbed and renovated, the inspection report is clean.

You want to work with an investment team that already has the skills and a proven track record of finding, qualifying, renovating, and managing properties.