If you find a property that takes FHA, but is distressed, you do have an option with the FHA 203k loan that you can use to purchase and fix it up, this does require using certified contractors pre-approved by the lending bank (generally more expensive than contracting out yourself or DIY).If you do happen to find a deal and negotiate it to take FHA with 203k repairs, the numbers may still be able to work in your favor.

@Caleb Korzenowski how much DIY experience did you have before this job? 

@Matthew Nixon I think it’s important to remember that any business venture comes with risk.

he/she would basically be my venture partner. 

@Patrick Foley sounds like you have a great foundation of skills and knowledge already, and wherever you might lack I would venture to guess you have trusted contacts that you can call on to fill in the gaps. 

Owner-financing determines how soon the taxes are paid but does not change the rates.As my colleagues already mentioned, trying to DIY this business model is risky.

Feel free to hit me up and we can venture to these PIG meetups together!

The other thing I am unsure of is, would I try to be on the mortgage (Is that allowed) or if a true venture partnership is necessary.For those that are curious as to why I don't just try to do this on my own, I am married with 2 kids.

Corp formed and the partner would like tp form a new one for our joint ventures.

The owners don't want to be landlords and are ready to sell at a discount.You might then call an experienced wholesaler who operates in your area and arrange a 50/50 joint-venture with them: You'll bring your duplex lead and they'll handle selling the deal to an investor.