., straight out of architecture school, I wanted to go into real estate so I asked someone I knew who flipped houses to throw me on with his crews.

We are exploring options as far as straight rezoning in High-Density Residential or working through the PUD process to gain an additional 20+ units. 40 are use-by-right within the zoning.

These are straight up "circle prospecting" cold calls.

Based on him putting in $45K and you putting in $80K, the straight percentage would be 36%/64%. 

You're not likely to get a private loan on a primary residence either, as those loans are automatically regulated and most Private Lenders don't want regulation headaches.If it's a straight flip, you can finance up to perhaps 90% of your project with a Hard Money bridge loan, but that may not jive with the Seller's stipulation for cash.Hope this clarifies things a little.

Call your local city/county and they will set you straight.

Makes it easier to keep all the messages straight and makes it more likely you get a response when there is more then 1 person who can respond

I understand that I cannot simply straight borrow from it, even if the terms are on par with the market.

To your question, I'm of the mindset you should analyze house hacking investments as though it was a straight rental investment to determine if it's a good deal or not, main criteria being return on investment and whether it cashflows.

@Matt Fore Yes it does have to be capital gain although there is some language that just references "gains" so we are waiting on additional guidance as to whether ordinary gains would qualify.I think the reason capital gains need to be invested into the funds instead of straight cash is that by recognizing a capital gain you are selling something which promotes economic activity (selling stocks, businesses, real estate, etc.)