There are second position loans that many investors use to pull additional cash out or fund renovations/ADUs on properties where they already have a great first mortgage in place and solid equity.

You also can theoretically make additional income by handling other people's transactions.

This would allow you to participate in a relatively safe loan with no additional expenses on your part.

In addition, there are norequirements to report rent levels.Platforms to post oninclude AirBnb or Furnished Finder.

Whatever you estimate the repair to be, plan for additional 30% unforeseen cost.

It would be difficult for me to continue assisting them as well as take on additional expenses of my own moving into a primary residence.

There is enough land on the lot to build an additional set of 4 2 bedroom apartment units eventually so I'd like to look at cashflowing the original investment and then consider refinancing into a bigger build out later to create new apartments (rolling seller financing into it...).   

Additionally, I'd recommend reaching out to Avery and Luke Carl if you're looking for a cash-flowing vacation rental, as this can also help you take advantage of the tax loophole.

An additional friend of mine well versed in finance would like to join this project.

Any additional thoughts?