I am perfectly open to skinning the cat in another way if it makes sense.As far as attorneys, I have a fantastic real estate attorney who I have used on all of our family purchases for over 17 years.

(Sorry my sensitive side showing)Next step get the house under contract with him so it does not go into dispute if something happens to him before the deal is closed.  

RE issues don't disappear  like skin rash does. 

If not a lot of equity then can still use it as down payment/reno costs2) Hard Money Lender - The one I use doesnt require you to put down cash but will put a second position lien on your personal residence as your "skin in the game" - So if you dont have a lot of cash this is a good way to go.

the major difference is those investors entering the space ( rentals) are far more qualified and have far more skin in the game than in mid 2000's  this alone makes for a much stronger over all mortgage market.

If I was doing business with you I would either move it elsewhere or send you oddball sales prices just to get under your skin!

I was just wondering what banks would think of my controlling the day-to-day of the property and a parter only being passively involved past the mortgage signature with no real skin in the game.

They have more skin in the game then you do.Make sure you get clear title.

I see you're looking at buy and hold for long-term passive income - but there are few different ways to skin that cat.

It will be extremely unlikely that you find a HML to give you 100% funding on your first deal.They will all require you to have a down payment and some skin in the game.You will also need funds for rehab because they typically reimburse you afterwards.You'll either need to save up or get private money (friends, family, etc) for the down payment.Otherwise you can always explore creative financing options like seller financed deals, etc.