Of course most GPs have personally put in money to keep the deals from sinking.

I've sold over 80 homes personally in the last 30 months and I'm usually within $5k of the appraisal report when I run my CMA for clients.

You'll want to put together a personal financial statement (basically lists of all your assets and liabilities) and have your tax returns ready.

I have a situation where a person I know is moving out of the country and would be looking to put their home for sale in the summer.

I personally hate them and think they are little more dust magnets but will add some if crucial. :) 

I simply wanted to exit two deals to begin gaining credibility in the eyes of hard money lenders.

the only thing with that is protecting future landlords.. but then again thats a personal choice..  

Account holders can't take any write-offs personally for investments made in the 401k.

I personally think being a landlord in Chicago is easy and I have never had an eviction. 

This will allow you to remove the person and do the financing on your own.Home Equity Loan/Line of Credit: Since you're looking to access equity, a home equity loan or line of credit (HELOC) can be a good option.