They also want a priority lien on the property.It sounds like you are looking for someone to fund your down payment, I would be looking for an equity partner over debt as nobody likes to lend money in insecure positions, especially when a borrower lacks skin in the game.How much are you planning to come in with yourself?

Cash from a self directed IRA How did you add value to the deal?

I have been funding these types of props since 2002 for a turnkey company in Detroit who used LA based sales agents then over the years I have met most all of the Marketing companies or they have sold clients of mine props I see the commish on my huds. 

It sounds like the biggest fear is getting funding and getting started without making a big mistake.

Also, hard money lenders want a scope of work filled out prior to funding the deal so this is a good little hack to get one as well. 

If not, how much are you all "throwing away" on rent when those funds could be applied to ownership?

It is still better than putting 20-25% down and not forcing equity appreciation though.In reality, before you start getting investors lining up to fund 100% of your deals you will probably need to prove yourself in some way.

.- Personal: I work in tech, and Tom works at a VC Fund.

Much better chance of posting in classifieds here - if Facebook the group that taught you that it's smart to get this type of funding may have people as well. 

Generally construction funding would want to be in first place which means your first mortgage would have to subordinate to the construction funding.