@Daniel Zierk the HELOC is probably my favorite way to finance a BRRR deal.

You could take your in-laws gracious gift and really build on it!

They never actually meet with the guest, but they go in after the guest and check for damage, turn off any lights or TV's, turn down the A/C or heat, take inventory of anything that needs to be restocked, as well as prep before the next guests arrive (turning on the A/C, heat, leave the welcome gift, parking pass, extra keys, etc). 

If they give you $40,000 it is either a loan or a gift by IRS standards.

If I say I am getting rent then I have to claim their mortgage payment as income and pay taxes, if they gift me money and add it to the mortgage how do I protect them and ensure the house goes to them if anything happens.

If you do not feel like meeting in person because of Covid maybe ask him for his favorite food place and send him a gift card as a nice gesture.

Additionally, submit your favorite deals (or craziest, wildest, or most stressful deals!)

One issue is that the market is currently not willing to give you enough discount; we have a chronic housing shortage driven by demographics and with everything selling fast sellers don't build up enouh motivation to basically gift you equity.Off market deals are your only chance, but you will have to work a lot harder find those.

Try to text, send a video, send a gift, visit them, or email.

Dear BP Family,I was wondering, would you know where can I buy discounted Home Depot Gift cards?