Here’s a breakdown of what I did and the costs: Labor. 29,176.53   - New Railing and Spindles– Exterior of House- Remove damaged flooring- Refinish and Stain Hardwood Flooring- Install Vinyl Plank Flooring on Floor 2- Install ceramic tile flooring in baths and Unit #1 kitchen- Paint Interior (Walls / Ceiling / Trim)- Install New Kitchen Cabinets Unit #1- Paint Kitchen Cabinets Unit #2- Subway tile kitchen backsplash and Unit #1 shower- New Plumbing throughout house toilets / sinks / garbage disposals / tubs / faucets- Install new light fixtures and recess lighting in kitchens- New doorknobs and hinges throughout- Replace electrical outlets and switches Materials - 2 Apts (Home Depot)...............$8,201.93Stainless Steel Appliances – 2 Apts (Lowes)....$3,300.00Quartz Counters – 2 Apts ............. $1,800.00Electrical repair / rewiring ............ $2,696.20Replace hot water heater................ $1,025.00Install Central Air Conditioning and upgrade heat........ $9,000.00TOTAL............... $55,199.69Gross Rents: $2,125.

Maybe distressed commercial real estate syndications.Interest rates will be super low for a while so another alternative is to purchase rental properties with as much debt financing as you can at these rates.

The unit needs roughly $20,000 in material (I am a carpenter and would complete the rehab myself) which didn’t scare me away but I have a number of concerns:1.

During this process I'd do all that is needed of me that doesnt require a tradesmen (flooring, painting, drywall work, installs, running materials, etc) After all this preliminary info I'd like to know the communities opinions on how this may be structured to benefit; the capital partner, the seller, and myself.

But as an alternative there is a way to buy an investment home and add in all the dollars to rehab as a small investor with the loan in your name, not your LLC.

Is there an alternative or better way to you would set up the partnership?

It just sucks that if the lenders appraisal comes in lower, there are really no other alternatives to revisiting that figure.

For some sweat equity and about $5K in materials I will be able to rent it out for about $550 I would guess.It will need a new roof in the future, but it has a few years. 

Good afternoon BP users,I am interested in getting into the REI industry and I’m curious to know if there is a way to get a down payment via alternative financing or private lending. 

From what I have been told, you need to remove any porous material - drywall, carpet, etc in addition to getting the ducts cleaned.