1. Vendor Finance
Find a motivated seller who is mortgage stressed, or else wouldn’t get much back if they were to sell it the conventional way. There is legal paperwork that allows you to take control of the property much like a bank would, without you taking title. You can then rent out / add value / resell on vendors terms to make a profit. Usually you could do this option for less than $10 000 depending on the deposit you leave with the vendor and how long you have to pay their mortgage until your exit plan kicks into place.
This strategy is a little riskier and probably best with those who either have the cash reserves in place or else can get a mortgage if need be. However the strategy is that you find your perfect renovation property as per your criteria. Negotiate with the vendor for an extended settlement ie. 3 – 6 – 9 months with early access. (you will probably end up negotiating to pay their rent or something similar in the mean time. With no holding costs you can go in and renovate it, add enough value to it that you have instantly gained 20% equity and then refinance with the bank before settlement. The result is a house with no money in the deal and 20% equity.
3. Partner up