If you need more to do the rehab, perhaps instead of partnering, you could get your former boss to do a personal loan. 

You also get peace of mind knowing it's done correctly, that you're not missing any deductions and that you won't get audited.Good luck. 

If your market won’t appreciate you obviously need way more than the 5% you can get in the bank with no risk.

And how much monthly rent to you get? 

A full back office. 3 workbooks to use in the 40 hour cI get it just like any non certified or accredited  training.. not saying its bad. but its not a state license so not governed by any state and there is no NMLS registration required..

Weirdly, you may actually be able to get better terms and/or more LTV on the refinance if there is debt on the property as lenders have rules for max cash in hand (max proceeds you get at closing) for cash-out refinances.  

@Malcolm Brown it is great that you are thinking of the money to fund the deals you are going to get started with but understanding what a deal is, I think, should be the starting point. 

I position my inspections as 'planning for future repairs/improvements' which mitigates that whole 'he's here to get my security deposit' mindset.And, I would rather have the tenant with me than to have him later claim that something was broken during the inspection.  

Just get an umbrella and keep the home in your name. 

Conventional loans require a year to use the new appraised value which most investors want to use especially if looking to cash out and get out of a hard money loan.