The problem with buying from a wholesaler is that no lender (even portfolio lenders) will lend on an assignment contract.

@Michael Rothenberg check with local/regional banks in your area with a commercial lending department.

The credit unions pay attention when they see this type of cash flowing through your accounts and this is how to kindle the relationship for portfolio lending.

@Dawn TIpton you could use hard money to close this deal, do the repairs and then apply for conventional lending. 

hi karl. sounds like you actually have a good start here in this business. bill is partly right. of all the answers here, i think he has some good advice. that being said, you need the think outside of the box here. you said you will have $80k into the place if you fix it up to basic standards, and it would be worth $150k. ok, those numbers are great. but here is an idea you don't seem to be considering. you own the house free and clear. no mortgage to anyone. you and your buddy want cash out of the deal. then your only option right now that really makes sense is to finish the place to basic standards, go refinance the place for what the bank will lend you, split that money and then rent the place out to make the payments. you get the benefit of getting all your money back, plus a few buck on the side i would bet, and when you rent it out, the tenant is making your payments. whats wrong with that idea???

Sometime they syndicate their own deals.

Most banks will not lend to LLC's.Find a good real estate attorney, perhaps by networking in your local real estate investment club, and seek their advice.

Hello BP, so appreciation in condos is slower compare to a single house & it is true in my areas but because of the limitation in purchasing other type of properties, i had very little choice if i want to do a syndication on multi family units. 

Hello BP, i had mention before that i will be targeting condo due to the country i plan to invest in so there is actually very little option if i want to do a syndication. 

Sorry, not looking to lend at this time.