How much did the rehab end up costing and how long did it take to complete?

I would include servicing costs of the loan and licensing costs.

If you are going to raise equity, you appear stronger if you can originate bank debt at a lower cost than alt. lenders.

Managing rentals isn’t for everyone, especially after dealing with bad tenants, challenging property managers, and increasing costs.

Are there any rehab costs?

@Joseph BinkowskiDon’t forget that you can now be qualified as an accredited investor by passing the series 65 exam without any income or net worth requirements.It will cost you around $200 to $300 and will be valid for 2 years (unless you can park your license with a financial advisor firm, then it will last as long as you maintain it).It is not a difficult exam and you should be able to pass it with around 40 hours of self study with a good prep book or website.

I did not want to spend 50K on doing separate meters for where I have my rentals it would cost me this much.

You need to know what things cost.

Depends on what you have in the deal and what it cost IMHO.$200 mo on a $150k house is ok I guess.... 

The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if you partner looses money.