It sounds like your experience would lend itself to studying the tried and true BRRRR strategy if you haven't already. 

Otherwise it sounds like a local thing.

With the amount of cash you are bringing to the table this shouldn't be an issue getting a loan.Looking at the numbers you presented it sounds like you are planning on around a $50k renovation. 

@Matt Moylan Hi Matt, that sounds great.

@Dakota Chance Matheny Cool, sounds like you got a plan.

I have a tenant who can be erratic & make poor decisions that have effected my condo community and pissed off the HOA, neighbors & me to no end, so I've chosen not to renew his lease. 

@Geoff Cavender All the answers you are looking for are already here on BP - you should read these:How to Effectively Conduct Joint Venture Agreements as a Real Estate Investorhow-do-i-properly-construct-a-purchase-with-a-partnershipcreate-an-llc-for-first-partnership-best-way-to-do-sotaking-on-partner-s-and-limiting-our-liabilitesIf you still have unanswered questions after that, you need specialized help - talk with @Scott Smith.

Not sure what you meant but sure sounds interesting.Thank you!

Sounds like a  good question for an attorney in your state, if you still have concerns about liability once the property is sold.

@Michael Breedlove you sound like you have done your research and have made wise decisions on what you currently have.