Note I used the low end on the ARV and high end on the rehab, which is what I would always recommend when starting to analyze a deal (aim to be on the conservative side).As you can see, you'd bring about 11k to the table initially and then at the refinance would likely have to bring another 3-5k to the table and would not be cash flowing at all (basically 0% cash on cash return).

You are only looking for a few pieces: king bed (if you can make it fit), bedside tables with lamps, a small table (if you don’t have a built in eating counter), a couch and a rug to tie it together.

The table below shows the metrics that I look at and should be helpful. 

He's down to invest but all he'd be bringing to the table is basically his w2 for getting financed.

Taking this money off the table would be smart, and allow you to reassess your strategy without a tight (1031) timeline. 

My advice to you is to acquire a skill set that brings more to the table, the numbers of a real estate deal are actually quite simple and it seems like you will be able to master that overnight. 

This was rented for $775/month and would be the unit we wanted to move into.Purchase: We offered $295,00.00 with a $5,000 seller closing cost credit because it had been listed for $290,000.00 the summer before but the basement had been flooded and it had to be pulled off the market while it was rehabbed and French drains were installed.

Cost, about $600.I gave another tenant an extra kitchen table and chairs when they had none. 

About selling FSBO - just some thoughts: The first time I left alot of $$ on the table - but I learned alot also. 

Patience will be your friend if you've got a 20+ year runway.Take every opportunity to take money off the table tax free.