The title and loan is obviously in his name currently but we agreed to fund renovations (and yes, we created a written agreement for this) and then share in the rental income profits.

The title and loan is obviously in his name currently but we agreed to fund renovations (and yes, we created a written agreement for this) and then share in the rental income profits.

turnkey means - you buy it with a high interest rate and high down payment, perform no value add, rent it out, and hope the HVAC doesn't go out in month 4.where or how is that 'cash flowing' right now?

I would try to time it so that I have to funds ready right before I purchase the LTR for home equity loan scenario. 

Besides NOI/Cap rate/LTV (70%) what else would lenders look for?

If a $100 increase in rent is feasible without risking losing your excellent tenant, it could improve the property's cash flow.Evaluate Loan Terms: Your adjustable-rate mortgage with a high interest rate is a significant consideration.

I'm doing this in the Midwest where the prices are low enough to fund the deal without the bank to start out with.

With rates over 8% for investment properties, it will be tough to cash flow without a creative strategy such as STR or rent by room. 

And all of the mutual funds and hedge funds and everyone else that these instruments are invested in are all under massive pressure to produce the guaranteed returns needed to keep those retirement plans afloat.

Possibly I can source some deals from some code enforcement people and other creative places I can think of, but that will take some time and bird-dogs.Need help with finding deals, networking whether it be with other REIs or REAs, attorneys, financial planners/funding, confidence, and knowledge.I am determined and willing to work for this.