The idea is that the percentage of the income that is derived from the debt financing is taxable.  

My question is, when you find something like this, and you don't have the funding ability(I work at a school and have TRS not a 401k, so I cannot take a loan out against it, nor do I have 20% down, but I have about 60k in equity in my home, but the lenders I have talked to will not do a HELOC in my state, point is I can flip, but not buy and hold with my own financing) and you need a partner on the deal, how do you protect yourself from telling them about the property and them just taking it?  

Working during Summers on construction sites is significantly different from running the renovation yourself, finding and selecting the right property, finding the financing, etc.  

Between finances, transient jobs, economic instability, high cost of home ownership  etc. there are so many reasons not to own your own home the real question should be why sink your money into home ownership........Lifestyle.

I ask this because that could help you determine ahead of time which route would be best for you when it comes to financing. 

Try to offer them cash so they don't have to wait for financing?  

Shouldn't be too difficult for your first four, after that you'll need to do delayed financing.

I found this by some books I've read and I want to learn how to get started and get my deals financed.

So I am already in process of buying a property with owner financing (made offer Friday) and another deal has kind of fallen on my lap.

He has gone the route of selling his property through owner financing For tax purposes) and at this moment is refusing to accept a cash offer.