While that deal did fall in your lap a $50,000 - $60,000 return is not unheard of especially if you did most of that renovation yourself or at a discount due to the skills you bring to the table.

I may be leaving a little money on the table by "over improving," but I have been renting seven units for the last two years and I have yet to lose a tenant or miss a month's rent.I recommend making your units nice and screening your tenants diligently.  

I believe you will find, and regardless of who you speak to, every market brings something different to the table.  

So when the market is skinny and deals are tough to find does that mean you’re gonna go wait on tables at a restaurant?

Before partnering it is important to figure out what you are bringing to the table.

In this case heres how I would handle it and this will make everyone happy. 1- Take the cash offer off the table.

You would have to get a seat at the table to have some control of the board.

They sat at the table with us and made an offer on the spot:  $150,000 as is (several projects including gutted master bath are still in progress, and he said he can manage those). 

I would look into both those options, if those are not on the table, a partner with the funds/half the funds would be another good option as well.

While there is no certainty until the money hits the closing table, there are better ways to find legitimate lenders.