You need cash, a line of credit, or hard/private money (which is very expensive and dangerous if you are new and don't know what you are doing) to take a deal down. 

Real estate investing comes with inherent risks, from lawsuits to creditor claims, and without the right legal protections in place, both your personal and business assets could be exposed.

Real estate carries inherent risks—lawsuits, liabilities, and creditor claims can all threaten what you’ve worked hard to build.

Welcome to the group.As you embark on building and expanding your real estate portfolio, one of the most important steps you can take is establishing a strong, proactive asset protection strategy.Real estate investing offers great potential, but it also carries inherent risks, from lawsuits and liability claims to unforeseen creditor issues.

I would request a credit or have the seller pay for it if it was not disclosed. 

Welcome to the group.As you embark on building and expanding your real estate portfolio, one of the most important steps you can take is establishing a strong, proactive asset protection strategy.Real estate investing offers great potential, but it also carries inherent risks, from lawsuits and liability claims to unforeseen creditor issues.

For example, this is what prevents your personal creditors (e.g. you get into a car accident and injure the other driver) from easily going after the assets inside the LLC.A comprehensive asset protection plan will account for both inside and outside liabilities.

Welcome to the group.As you begin expanding your real estate portfolio, one of the most valuable steps you can take is putting a strong, proactive asset protection strategy in place.Real estate offers tremendous opportunity, but it also comes with risks, lawsuits, liability claims, and unexpected creditor issues can all threaten what you’ve worked hard to build.

Since you’re using it as student housing, you’ll want to make sure the appraiser is aware of your rental structure and income potential, because sometimes they can consider income in their analysis.If your main goal is paying back your family member quickly, I’d look at a couple of routes: one is a straight refinance into a DSCR loan once you have some stabilized rental income documented; the other is to consider a line of credit or even bringing in a small partner if the refinance doesn’t pull out enough cash right away.

Real estate comes with legal and financial risks, from lawsuits to creditor claims.