Fannie Mae/Freddie Mac guidelines allow for 20% down on single family investment property purchases.  25% down if its a 2-4 unit investment property. 

You could give notice at any time under whatever your states guidelines are for tenancies at will and terminate the tenancy if you need to (likewise the tenant could also terminate under those same guidelines) so unless you just absolutely feel the need to have them on a lease I don't see the upside.

I have family/friends lender that is willing to pay the $40K rehab costs. 

I'd never trust the numbers of a homeowner, unless they were a licensed contractor themselves, and even then, I'd double-check and verify everything myself.Since you don't know any contractors, I'd reach out to your network (friends, family, coworkers) and ask for references.

I am in Boise, Idaho, but have some great BP friends in your area that are very in the know. 

I've talked to close friends about investing but they are not interested at this time. 

I know there are FHA guidelines that limit the ratio of rentals vs homeowners, but if that is the case you would just get a small bank to make the loan using a commercial loan with your LLC, there are a good number of them that will do a BRRR for you. 

Hi BP community - I'm currently looking for a commercial multifamily building in Houston and am looking to connect with investor friendly agents + brokers in the area. 

Additionally, the lot is splittable into 2, 3, OR a "cottage court", which allow up to 8 buildings on the property (this is all confirmed with the city and I consulted with a friend of mine who is an engineer and has drawn up several of these cottage courts and says its feasible). 

The duplex was an off market deal given to me by a friend the appraisal came back at a value of 194K should I be worried?