I can see properties where I know all of the title issues up front, I know what the inside looks like, I don't have to sweat out an auction or hire locksmiths and eviction companies.  

Quote from @Michael Smythe: @Nicole Sweat Martel stopped referring our company because we wouldn't support their optimistic numbers on purchase price, rehab budget, ARV and rent.We also dealt with a lot of novice investors who didn't seem to want to take the time to understand the process and the challenges.ALL investors should understand that when renovating old homes, there are unexpected surprises that no one could predict.

About 40k more can possibly land you a two family but would also need some sweat equity.

You hear a lot about a "50/50 split where one partner provides the cash and the other provides knowledge or sweat equity" really doesn't make sense.The concept is that investors make money off their capital or credit servicability.

Also, depending on how much work you'd like to put into a property, a 203k loan might make sense to add sweat equity and have it financed.

I do a lot of the work myself, putting in sweat equity, but I also feel I have a reliable network of RE agents, brokers, plumbers, carpenters, and electricians to do the work that I cannot or better yet should not do and hire licensed professionals... hard lesson learned, YOU GET WHAT YOU PAY FOR...Enough about me...

If you don't pass it first try, don't sweat it as they will tell you your score and on what topics you were weak.I have taken these test in 3 states including CA  and mortgage bankers test ( much harder).. key to me is practice tests go through those a few hundred times. and skip all the math.. and legal descriptions questions.. 

Your LTV will be close to 100% (based on purchase price) if you do it any other way and you won't have any way to claim your sweat equity/improvements against the LTV.  

I probably shouldn’t sweat it...

But you have to ask what each partner brings to the table and whether they are complimentary.In this case, he brings the cash for the down and you bring the sweat equity of finding the deal and the financing end.