I have a couple of funding options on the table and I’d love to hear your thoughts:Funding Approach: I have capital partners who are willing to fund 100% of the project in exchange for 50% of the profits.

Contrary to what some say, this is NOT a state-wide requirement, it is lender dependent.

(And I know a wrap probably isn't the first option many would choose, but I'm in Texas so its really my only option)

With my $1,100 monthly revenue, my 700 FICO, and my (likely) $55,000 in equity - what kind of options would I have to refi.?  

Hi Jimmy,Thanks for the feedback, we have considered Columbus in our analysis and while its great option considering how well the appreciation amounts, i doubt we would find a multifamily in our budget within  those appreciating markets.

What you want to avoid is a lengthy contract with extension options.

Have you and your wife considered exploring fully turnkey properties as an option?

There are a few strategies you might consider to accelerate things.One option is a cash-out refinance.

What are other options do we have if we don't have piror experience? 

I’d stick to Franklin, Clayton, Westminster, hayesville, Bryson city I'd also add Brevard and Waynesville to this list if you are looking for lower-cost options.