Is it possible to find an investor who would want to invest in renovating a rental property, without taking an interest in the property itself, but would expect returns when the property is sold at a later date? If so, what type of contract would that require, and where would one find such an investor?
This is a family property, still owned by elderly family members with dementia who have moved out (to assisted living) and are unable to move back in due to serious limitations in their ability to care for themselves. (There is a DPOA in place.)
The property needs significant renovations. The family would not be looking for a co-owner in the property, just someone who might want to invest around $20K and get something more than that back at a later date, with the amount and timing to be determined by mutual agreement (presuming a growing market value for the property.)
Would this be considered a viable type of investment, assuming the home and area are basically good enough to continue building value once the renovations are completed? If not, what other sources of funds might there be for doing these necessary renovations in order to make the property viable as a decent rental? (The contemplated renovations are not cosmetic, as the house had deteriorated somewhat prior to the elders moving out; new roofing, new deck, new garage door, take out a wheelchair ramp, etc.)
Thanks in advance, and I hope this is a useful question for the community. It's one that I've not been able to find much information on, but I'm sure this situation is not unique.