Newbie duo...What would you do?

[Janene Smith]

Hi Everyone,

I'm a longgg time lurker and finally ready to get my hands dirty! I'm based in NYC, but my business partner and I are looking to do our first BRRRR in Philadelphia. We're going to Philly in the coming weeks to get a feel for some of the neighborhoods we're thinking of.

My question for you all: Based on our little duo, how would you work this BRRRR?

-Me: Newly licensed real estate salesperson in NY (hoping to transfer to PA). Self-employed and very mobile with tons of free-time, but living on fixed income for the next year. I have an established LLC, S-Corp, and business credit.

-Her: Background in commercial construction management. Prequalified for FHA for a $300K multi-family.

-We both have great personal credit, can work remotely, and won’t mind doing some small upgrades/repairs ourselves.

We're thinking the best approach is for me to get an ARV based hard money loan under my LLC for the initial purchase and repair costs. We would tag team on the repairs. Then I would sell it to her as the Refi.

Is that the approach you would take? Is there some way to combine our powers other than a BRRRR that we’re not thinking of?

Thanks all!
-Janene