Split $50,000 80/20If co-ownership in a BRRRR50/50 ownershipNo points or interest90% purchase, 100% renovationNo paymentsAfter rehab:Refinance with bank in 50/50 LLC based on appraised valueRetain 50/50 equity in propertySplit monthly cashflow 50/50Example: $100k purchase, $50k rehab, $200k value, refinance on $150,000 loan (75%)$2000/mo rents, $1500/mo debt service, split cashflow $250/$250.

Some lenders add additional requirements (such as higher down payment requirements, stricter debt to income ratios, etc.) to reduce their risk.

If your goal is to eliminate the PMI your don’t want to tap into the equity with a HELOC plus I don’t think the current cashflow can support much more debt.

Clear debt from my personal books.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Lots of lenders are needing 20% minimum, preferably 25% down, and the rate will vary with your credit, debt ratio, etc.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Hi Emma,You have enough in savings to purchase your first property and start househacking, depending on your income, debt, location and lifestyle will determine where you feel will be the best place to start. 

Hidden issues, etc...I have about a 700 credit score, $35,000 in student debt hurting me a bit.I am not even sure what bank I will be going to for this yet.I am located in the Charleston, SC area.

You can decrease or completely eliminate your monthly housing expenses, cashflow on top of that, gain appreciation, benefit from the tax advantages etc.