We are building a place with HELOCs then after it is built we will finance it and pay off our HELOC, at least thats our plan. 

I put 20% (54,000) and then an additional 7% of the loan amount ($15,000) since the bank only offered 93% loan of the purchase price. 

But if things go more or less as planned then the money partner leaves in $29,409.67 but then gains the same as I would which is $36,933.17 over a 3 year period of time.

He is probably trying to find someone that will buy the property, he then charges a "markup" to the buyer.

If you're dead set on that path then I would recommend getting a google meet with the person and give them as many advantages they have to using you as opposed to a property manager ex: guaranteed rent, more exposure, and less fees (use chat GPT to get a good list).I would emphasize the fact that it is much easier to get rent, and there is less risk to them in the sense of cash flow.

Then keep $30,000 in reserves in a hysa for emergencies.

Focus on absentee owners and start with the ones who live the farthest away and only own one property in the area since they have the least use for the property.You can also drive for dollars, looking for anomalies of disrepair and then look them up in the tax records and use a site like Spokeo to do cheap skip tracing.

Once Apartments.com is going the money comes without much thought. i check on the first to see that the transaction has initiated then again on the eighth to see that the money deposited.

As another poster mentioned rates are lower than they've been in the previous 18+ months but unless some very surprising economic data comes out between now and when you did your refi it seems unlikely that rates are going up in the short term and there is at least a decent chance that rates drop a little more before then. 

So, if you're OK with that, then it sounds like a good deal.